Multi fam property worth extensive renovations?

[Diana Rangel]

Hi all! My fiance and I recently purchased an old property from his cousin for 20K. The property was built in 1912 and later converted into a triplex. The age and shoddy conversion work on the home means there are a lot of problems with it. There seems to be some issues with the foundation as the floors are uneven and floors on the second story seem to be bowing down. Everything needs to be replaced and the layout is super wonky. I would like to make it into a duplex (fiancee disaggrees) to get two apartments that are more spacious and layout makes sense. At this point I'm not sure what the true value of the property is or what the ARV would be, or approx cost of renovation. Not really sure where to get started or if it would even be worth it to do such extensive renovations...please help 😬