Then work with an architect for design.

Architecture did a design and well respected contractor estimated the buildout of 4 plex would be an additional ~800k for total project cost of ~1M. it would be ~1.2M for the 7 plex.  

However the property has a freeway behind it and hence no rear neighbors /more privacy.You’re going to see low or negative returns with minimum down payments in that area unless you’re going BIG as in much larger homes and much heftier budgets for design/amenities.There’s great cashflow on the Clearwater/Largo/Seminole/StPete side - you’re looking at 2 high cashflow buckets that I call Tier 1 and Tier 2. 

The biggest factor to consider is the new interest rate since it’ll likely be higher than your current 3.2%.

So most investors just throw in the same expense factors no matter the age of the property.

Most of our investments we look at IRR (time value of money) to determine which investment is a good fit for us at this time - which factors in returns, risk and time of investment - is it a short term investment we want to get appreciation play or long term fixed income investment.

Mainly I’m trying to avoid “aged poorly design” glassblock walls, small bedrooms, older windows (wood/aluminum, single pane), aluminum patio covers, and to a lesser extent landscaping.

Designed for STR, reasonable, intuitive, great support.

I have 2 factors that I know play into it, but there's always more beneath the surface.

You have a good point about the hassle factor though.