@Jason MercheySo overall, yes we do hace a tsunami of new MF inventory slated to come online in the next 2 years, however, unlike other asset classes the MF space is going to react differently.

New Roof, paved the driveway, remodeled kitchen and baths, new laminate floors and new carpet.What was the outcome?

@Ashish AcharyaGive me a shout post 4/15.Right now I generally get on BP in-between clients to de-stress a little.Not a good time to get into a debate and dive into code sections.Perhaps my most recent example was too hasty reviewing the regs right now...The "-3" reg defines structural components by reference to Treas Reg Sec 1.48-1.The term “structural components” includes such parts of a building as walls, partitions, floors, and ceilings, as well as any permanent coverings therefor such as paneling or tiling; windows and doors; all components (whether in, on, or adjacent to the building) of a central air conditioning or heating system, including motors, compressors, pipes and ducts; plumbing and plumbing fixtures, such as sinks and bathtubs; electric wiring and lighting fixtures; chimneys; stairs, escalators, and elevators, including all components thereof; sprinkler systems; fire escapes; and other components relating to the operation or maintenance of a building.We know that a building and building structures are a single unit of property.  

Looks like it needs flooring, paint, countertops, cabinet refinishing (or replacement), roof repair, dry rot repair, maybe foundation repair, lots of wall repair, and possibly plumbing/electrical repair (nothing can be seen in the photos but common in that area).I agree with @Dylan Vargas that there is no money to be made in flipping this property based on your numbers. 

Roof, kitchen, flooring, trees etc. 

Bottom rents for $1400 a month including an attached garage space.

I know a good lender who knows investor loans in the conventional loan space that could give you some good advice.

Bottom rents for $1400 a month including an attached garage space.

Bottom rents for $1400 a month including an attached garage space.

I typed them and left space between for my notes when we were talking to them.