If you are unsure of specifics, you should speak with a mortgage broker who can dig into your specific details and help determine what you may qualify for.  

Since the property already has an existing home and access to a main street, you may be sitting on a real opportunity—but there are a few critical steps and considerations to take into account before moving forward.The first step is determining feasibility.

– This determines your rental audience.

If the house is paid off you should connect with a local real estate agent to determine it's value.

I am also up about $1m above purchase and rehab costs.i use total return to determine the quality of an RE purchase.  

It's a tough slog, but it can be worth it if you have the determination and drive to keep grinding.I have a book (published by BiggerPockets) that you might find helpful if you're using wholesaling as a way to achieve early financial freedom.

I highly recommend you study the market to determine market rate, then figure out a fair charge for utilities.

The easiest and quickest way to determine if your property will cash flow is something called the 1% rule.

What I can tell you is that you should determine the actual value of the home when your parents passed away.

The window sill cannot exceed 44" from the finished floor level• There needs to be a• All apartments and hallways must have interconnected smoke detectors• One of the first floor apartments must be designed as a Type "B" accessible unit and must be on an accessible path• Accessible parking will be required for the buildingThe mechanical/electrical components of the building will need to be evaluated by an engineer to determine if modifications or upgrades will be required.An onsite review of the building may bring up additional issues beyond those mentioned in This is all very common building code requirements when doing multifamily.