The timeline for the kitchen, bathroom, floors, etc. is July.

Purchase:Bought: 167k, CAD value 212k, Repairs: 20k ARV: 220-240kRenovation: Updated floors from carpet to LVP, prime and paint, painted cabinets white, updated fixtures and appliancesRents from: $615 per unit to $995.

Sure, if its just some paint, new flooring, maybe some low voltage lines for cable TV or a wireless AP that sounds fine.I know there are some areas of the country where town inspectors are a pain, but I usually here about that more so in major cities inspecting large commercial jobs.

Ground floor commercial space to include a bank and gym, 2nd floor residential, and roof top bar/restaurant. 

TI...aka Tenant Improvements...your future tenant may want to negotiate different terms for the move in, like a few months discounted rent(this could be on top of the above mentioned vacancy) while they build out the place, or some concession for the Tenant Improvements, if you  have an empty shell it could require extensive work to make it business ready for different types of business, think needing to add bathrooms for a gym(dozens of showers and toilets, lockers, etc) or adding a fully equipped commercial kitchen(walk in freezers, special fire suppression, a few extra sinks or drains) With apartments, I rarely have to do extensive build outs or concessions for tenants, even if I have full on renovation, it is almost always replace the old with same but new, ie tear out old kitchen put new kitchen in same place, same plumbing, just new cabinets, and flooring(if you are at all handy, you can do most of it yourself, or be able to estimate accuracy of bids easily).

Looking at buying a home in Philadelphia that needs some work and would appreciate some more experienced eyes going over the numbers.896 sqft 2/2:- Currently has central heat with gas furnace- Currently has no central airExpected construction and estimated cost:- Demo of central heat and new HVAC - 20,000- Complete demo and rehab of kitchen and two bathrooms 15,000 for kitchen 4,000 per bathroom- Finish basement 15,000- Flooring in bedrooms 3,000 - Interior paint 3,000- New W/D 5,000- Misc 10,000Estimated: +/- 80,000?

Purchase price: $672,000 Cash invested: $10,000 4 lvl townhome in National Harbor-2500 sqft. 4 Levels of HARDWOOD FLOORS.

Half of the sub-floor needed to be replaced about two years after we purchased it.

I am wondering if this can actually be classified as the first floor unit. 

Just floors and paint will eat up 2/3 of that, you will still want to put in new trim, new vents maybe, and a few other minor items.