Tear it down, build 2 new townhouses and sell them individually. 

If I were to make an investment there, I would look for a house to tear down that has buildability (you can build so many sq mt).

I am sure the units go through more wear and tear with students so you need to vet the students/tenants better.Chicago has a ton of nice student areas and Evanston is definitely one of them. 

There’s often less wear and tear on these items since they’re not being used consistently so no need to budget more.Then you’ll need to find a cleaner or company to handle turnovers and factor that in, as well as the cost of supplies monthly.

An additional factor when dealing with furnishings, you have more "maintenance" effort and expense cleaning or repairing chairs, sofas, etc. although some charges may go to the tenant, many will be "normal" wear and tear.

Another reason I am having trouble obtaining a research position is because I was unable to do research during my years in college (due to the COVID situation and other reasons), and many of the jobs ask for 2-3 years of experience at least.An additional problem is all the opportunities are 40-50 minutes from where I live, so it would be a lot of wear and tear on the car (esp. for a small income job), however, I could move.

Additionally, we are always seeking opportunity in the form of vacant land/tear downs/double-lots, etc. to be developed.

We are seeking land/tear downs/double-lots for new development/construction of Single family homes, Duplexes, Townhouses, Luxury Apartment buildings, Condominiums, etc. in NJ/NY.

In our area typically the tenant is a single mom with 2,3,4,6 kids so there will be more wear and tear.

One of them, I may tear down (older mobile home, on a beautiful lot) and build a home for me to retire in.