@Susan Thelen it’s likely easiest you do this in excel so you can easily modify variables and test the NPV sensitivity.

Does that mean they are in some kind of archived state but still easily accessible versus fully removed?

You can easily train your tenant to use it properly and then let them go. 

That money can very easily disappear if for some reason you aren't able to close.

But get that appraisal first or you could easily cost yourself 10%.

This change is significant for the financial feasibility of ADU construction in Chicago since water service costs can be more easily justified when collecting rents from two additional unit.Also proposes to allow larger units and to allow ADU construction in any zoning designation.

I can easily know how accurate your method is then. 

That would cash flow more easily.

I think the other commentators have it right - a HML that is willing to take an investment that is small is probably not vettable and not a smart play - however if you have ~$500k or more to put in, then the legitimate more easily vettable firms would pottentially be interested - and you would be able to see the sophisticated setup, documents, structure etc and be able to research accordingly

Mind you, all of my properties are worth more than their appraised value now, but during the Recession the City Manager got the bright idea that the way to easily raise revenue was to raise the appraisals, and they ended up higher than the resale value of those properties.