Just throwing out my two cents cause I’m in a similar contract right now.

I spoke to a contractor who estimates reno at 100-120K per unit.

Just my 2 cents.... good luck with your search! 

Just my 2 cents

He provides the following:4 studio apartments @ $1,000 per month4 one-bedroom apartments @ $1,250 per month4 two-bedroom apartments @ $1,500 per month4 two-bedroom apartments @ $1,800 per monthProperty taxes, $40,000 per yearInsurance, $15,000 per yearWater and sewer, $12,500 per yearElectricity for common area lighting, $2,800 per year"You confirm the rents by examining the leases and you verify independently that the expenses are accurate as quoted."

If so you should be able to a per unit analysis.

HOA is $175 per month.This property is in a great location... located in a large urban park in a historic neighborhood currently undergoing serious gentrification (hundreds of millions in multiple residential/commercial  developments all over the neighborhood, both city and private money).

I believe it is 25% of gross pay per month.

Just some made up numbers for an example:Original mortgage payment: $1000 monthHELOC payment: $500monthTotal:$1500Now rental #1 cash flow $400 positive per monthRental #2 cash flow $400 positive per month=$800 - $500 = $300 more in your pocket per month than before.

- I don’t know the area but you seem to have a lot of competition for sale and most have been on the market a while too, as per my first point.