Perhaps $2K or less if the contractor doesn't have to rip open walls or get into any tight spaces.So, if this were my project in a comparable area, this is what I'd budget:- $4K to replace furnace/condenser- $4K to replace all plumbing- $2K to replace all ductwork- Whatever the cost is to fix/replace the damaged sheetrock needed to get to the plumbing/ducts.If the Scope of Work is less, the cost should be as well...

My monthly expenses for the house including mortgage, 5% vacancy rate, 5% repair cost, water, taxes and insurance will be $2,400.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Can possible sub divide lot.over 5,000 sqft all brickrehab estimate- exterior 40,000... interior 20,000 per unit x 4= 80,000Total Rehab $120,000Seller Asking PRICE $175,000Present mortgage $125,000 @ 7.2% 30 year term (was originally $152,000 in 2004)No second liens2 units are occupied (don't see how with all the deferred maintenance) and supposedly collecting rents $600 eachThey originally offered a "land contract" at $175,000City assessment- based on land and structure $203,000All units are metered separately- electricity, gas, water, trash etc...The good news....pro forma base upon what I know about that area.

I have spoken with the water company in the area and they have told me it will cost $17,000 to hook us up to the supply (which is already on the street).

I would also look at what it would cost to do minor repairs to get you another 3-5 years, and compare that to what it would rent for.

This value is typically different from a property valuation or a comparative market analysis that a realtor would provide.

She bought the home several years ago under a traditional mortgage, but pays a ridiculously high mortgage every month compared to how much the house rents for.Put in a simple matter, she's fed up with the situation and has my immediate family (We live in the same town as the property, while she's living far) managing the house.

Adding another meter base and city water meter could increase your cost to build a lot, but lower the monthly expenses. 

If so, you can bill back water/sewer consumption (increasing the NOI and cutting one of your largest expenses)  but you'll want to see if that's common practice with your competition and ensure rents line up as well.