Many of these areas, at a zip code level, are "D" or "F" areas but have individual pockets within them that are "C" grade areas with good potential return on investment.

It doesn't have to be completely finished to be "in service" IMO.As for your own labor, it is free, so you can capitalize it as $0 :D Or you can even expense it as $0 :D Doesn't make any difference!

Thank you all dor your valuable advise.

I am not sure that I would feel comfortable living in a duplex in Memphis that was < $100k since those are not typically in very nice areas, probably D or worse.

In my area, it's standard to supply fridge and stove, not standard to supply W/D or A/C units. 

I even called the DMV (Department of Motor Vehicles, the DOR (Department of revenue, the MVB (Motor vehicle Bureau) and get a different definition from each.

In the second, wouldn't the gain belongs to the estate which should owe and pay the tax, if not paid wouldn't the PA DOR make a claim against the proceeds as an asset of the estate?

Location we wanted access to the major highways and not in a "D" or "C" neighborhood. 

there is a reason its vacant.. its probably really D or F class I would think .. given how hot texas is .. not literally but in the MF space.. use extreme caution.

Not only is that too late to make it a Plan B (it will more than likely really be a Plan D or E when you compare the loses) it will be extremely more stressful of a situation than if you had plan for something like this in the beginning.