It's Title 10, Chapter 1, Article E, Section 6, the final paragraph before the charts start. 

While you may have a 2Br that is not for the "typical" sized family, you will have many people also looking to downsize from their larger homes that they are holding on until the summer to list. 

I know a lot of residential brokers are also selling small to mid sized multifamily in Michigan.

I was interested in this property because of the size and location and was able to invest a small amount to furnish it then get it cash flowing quickly.

For commercial sized apartments, the asset and the income coming from that asset are the real security behind the loan.If you are syndicating a deal, inspections are included in costs covered by partnership.  

My focus is small to mid sized apartment syndications if that matters.  

Or when I lived in Palo Alto same thing  East palo alto schools and values were 1/3  all in the same area and same size homes. 

However it could be location,  Common area, size, laundry, tenant qualifications (in rough areas you are not going to get many tenants with unblemished credit), parking, look of surrounding properties, etc.   

The homes are reasonably priced for the size and bones, allowing investors to customize homes with renovation or interior design prior to being able to attract guests at the right price.

No formula can be accurate across the board because even “cookie cutter” properties next store to each other differ as to view, location to the street, topography of the land, lot size, physical condition of the property, past remodeling, quality of the mechanical systems, sunlight, utility bills, past use, etc.