However, I've been searching for newer, cheaper value-adds to student rental properties and have found focusing on outdoor spaces can be a huge draw with much less of the cost of tearing out kitchens, baths, etc.

I rent homes unfinished for the most part but sometimes, if a space would look better with something extra, like a coffee bar or a patio table, I will pick one up.

Quote from @Marc Shin: Look underneath it (crawl space, basement).

The dishwasher should be to the right of the sink as a large majority of people are right handed.There is a picture of a second fridge in the kitchen, but no mention of it in the listing.You'd have been better off putting the stove where the second fridge is and giving the renter more countertop space. 

I'm in the messy middle as a residential agent who works mostly with investors and specializes in the small MF space.  

Does their collective business occupy one of the spaces in the building? 

You have lots of other choices in the free and paid space. 

When you're responsible for customizing the layout you can get more creative and find extra space a builder missed out on because they wanted to include some type of flex space or amenity room or it just didn't fit their box.

Your zoning should be ok, but you want to do everything by the book (which can be costly) to percent future insurance claims or injury claims in an unpermitted basement living space. 

After 8 years as a director in the kitchen and bath retail space, I'm bringing my positive energy and relationship building to a wholesaling firm covering Los Angeles and San Diego counties (we specialize in single family homes priced between $400-$1.7M).