Second I look at reconstruction cost per-sqft in comparison to market price.

Here are the Fannie Mae guidelines for legally non-conforming properties:If the Property's characteristics are legally non-conforming, you must:ensure the Borrower executes the Modifications to Multifamily Loan and Security Agreement (Legal Non-Conforming Status) (Form 6275);confirm whether, if fully or partially destroyed, the Property's Improvements can be fully rebuilt to the pre-casualty condition per current laws, zoning requirements, and building codes; and if the Property’s Improvements cannot be fully rebuilt to the pre-casualty condition, evaluate if the as-rebuilt Property will support the Mortgage Loan at the current Tier, and document your analysis in the Transaction Approval Memo.To assess the Borrower's ability to rebuild Improvements on a non-conforming Property to a level that will support the Mortgage Loan at the current Tier, you should consider: conducting a threshold analysis to determine the resulting actual amortizing DSCR if the reconstructed Improvements cannot be rebuilt as-is per current law; the likelihood of a casualty event (e.g., wind, earthquake, fire, flood, mine subsidence, etc.); the percentage of damage to the Improvements at which the Property’s jurisdiction will require the Property be rebuilt to current zoning and land use requirements (i.e., the destruction threshold); which Property characteristics the destruction threshold percentage applies to, such as market value, assessed value, replacement cost, or unit count; for Properties with multiple buildings, if the destruction threshold percentage applies to each building, or all buildings as a whole; the replacement cost to rebuild per current requirements for zoning, and land use; the Property’s continued marketability, and economic viability; the amount and type of Borrower-maintained insurance coverage required per Part II, Chapter 5: Property and Liability Insurance, Section 501.02C: Ordinance or Law Insurance; insurance loss proceeds payout, compared to increased rebuilding costs, including from building code changes, Americans with Disabilities Act compliance, and the municipality's local zoning requirements (e.g., green compliance for new buildings, etc.); the sufficiency of estimated insurance proceeds from ordinance or law insurance and other coverages to repay the Mortgage Loan in the event of partial or full casualty, or condemnation; and for a Tier 3 or Tier 4 Mortgage Loan, if requiring execution of the Limited Payment Guaranty (Form 6020.LPG) would mitigate the risk of the as-rebuilt Property not supporting a Tier 2 Mortgage Loan.

All he required was the correct amount of insulation and no further reconstruction to bring the property up to code.

Only when the battle is obviously lost will there be resignation, capitulation, and eventual reconstruction. 

"I was told by the agent that is the value their construction cost algorithm shows" - their algorithm suggests they can fully reconstruct a house for 230K?   

Purchasing the other house to demo and reconstruct an 8-10 unit MFR would generate much more income for the long run, but we would have to put in a large initial investment and take quite a hit in terms of time.My main concern is that I have interest in demolishing the house and creating a multi family residential, but we are totally new to this so I don't think it'll be a great idea.

Insurance Check + Wholesaling the property in current conditionPrevious rent vs Future rent restored with brand new componentsLost rent from 2-6 months of reconstruction

I believe that since I moved my family to NC after hurricane florence this year to do remediation and reconstruction.  

.- Verifiable Corporate Headquarters*- Entity Maintenance Support* (anything related to the ongoing compliance and operation of the entity, ie conversions, domestications, binder restatements, redrafts, and dissolutions** for Nevada & Wyoming)- Mail Forwarding - Reconstruction of Missed Entity Records (We have found that in most cases clients have neglected most if not all of their corporate documentation.

The reconstruction of the economy will be fast?