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I am considering purchasing this 4 unit property, and I would like your perspective.  

Background--

The property is currently a 2 unit commercial property; however, plans were submitted to convert it to a 4plx.  First question,  should I include a clause in the purchase agreement to ensure the property is approved to convert to a 4plx before closing?

The property needs significant work.  For example, it is a shell right now, with no sheetrock at all. Masonry brick is exposed, which I like.  I have floor plans for 1 1bd/2bth and 3 2bd/1bth. I will need to update the electrical throughout, to include 2 additional electrical panels.  I will need to install 4 hot water heaters and 4 HVAC, frame and sheetrock four complete units, kitchens and bathrooms, replace and reconfigure plumbing, etc.  Each unit is less than 750sq ft.

Is $200K enough for the scope of work?  What are your thoughts on the analysis?