I'd assume all vanities, lower cabinets, 3to 5ft of drywall and base will all need replacing. 

When you researched markets like Austin las Vegas Miami, those markets have higher land cost and are more cyclical in nature tend to have larger price swings compared to regions with lower land costs.

Now I agree the 4 will cash flow better than one will but I also look at it from risk of 4 properties will have higher maintenance costs and lower priced properties tend not to appreciate as well as a higher value assetI am also in it for long game and managing one is easier than 4

That seems like a lower demand area than any place I would ever invest.   

Your main concern should be whether these bedrooms and bathrooms on the lower level are legal and have the proper egress require for fire code and livability.

First time that I am actually glad that I have to go commercial - rates are actually lower.

It is incorrect, but it will also lower your value!

Some assets can be valued significantly lower than their actual worth because of illiquidity and other factors.

I have lower-end property in a small town.

There are some options at lower deductibles but trust me you will pay for it!