Many of the above comments are very spot-on.Not sure if this comment will help, but maybe there's a way to get the best of both worlds if you can build this studio separate from the building and split the lot? 

There is 1 parking spot on the property and is being charged $50 a month (a tenant is paying extra for it).-  I confirmed the tax rate and took the purchase price as the base.- Any other information would be helpful.Thank you again. 

It will be easy to spot. 

On one hand you could sell the property and use the funds from the sale to go and look for a new investment property as you move into your spot downtown.On the other hand, by holding the property you are building equity and the property itself has likely increased in value over time and will continue to.

It doesn't take long to learn how to spot a good deal.6.

I cant edit my comment.The property is off market in Englewood - A very rough neighborhoodFrame SFH 4 Bed/ 1.5 Bath, Rear Parking Spot, Asking $47k, ARV $185k, and estimated rehab $80k.

Maybe look for a sweet spot where you can raise the rent and not have tenants leave and not need to do immediate renovations

It’s frustrating to see laws like AB 468 that seem to put landlords in a tough spot.

We have a spot on our application that asks how many felonies they've had and we had an applicant list a felony but then it didn't come up on the background check.

To get back to one of your original questions, I am a member of CTREIA and @Raymond B. is spot-on in his assessment: the biggest value is in the networking.