@Todd Dexheimer The only thing I can imagine is the noise from ambulances (maybe) aside from that it seems like if the rest of the area is nice the units may come at some kind of premium.Things like eliminating a commute, especially when you work weird long hours.Ease of response if you're a doctor or nurse on callEasy access to care if you're someone who anticipates visiting the ER (fall risk or heart condition) and potentially eliminating the need for ambulances (I work in insurance, those things are expensive to ride in).I may just be new to all of this but that's me just spitballing about what some of the positives may be.

Like a lot of people have already said, it really depends on what kind of condition the steps are actually in.

(i.e. good condition?

Im Adam im 27 and currently working full time as a strength and conditioning coach.

This is also highly dependent on unit conditions but we figured this could provide at least a starting safety net.Utilities: All utilities are paid by the tenants. 

Finishes, layout, updating (or not), general condition and lot quality are just some things that factor into the final value. 

@Bruse UngerMortgage, Insurance, Utilities, Maintenance and Repairs, Taxes and Fees, Marketing, Accounting, Property Manager Fees, Tenant Turnover/Vacancies, Legal FeesYou can calculate some with a %, some with a per unit per year fee and others will just vary on the location, condition of property, size etc.

Buyer is buying property in its "AS-IS" condition.

These properties are in great condition, are currently both rented out and providing great monthly cash flow. 

One of the issues with this is that since you have no equity in the property, and any fixes you do benefits your friend, and your friend can decide to sell at any time.If the numbers work out well, especially with being able to rent out the basement, you might be able to make the pitch for doing this, but with the condition that you co-own the property so that you can benefit from the upgrades along with gaining the experience you're looking for.