I spent the prior 18 months obsessing over the markets, reading every book, diving into a massive rabbit hole with mobile home parks, and ultimately decided that in 2023, I had done the research that would suggest this journey is an absolute certainty. 

The location is key, with easy access to transportation, parks, and the rich cultural heritage of the area.

For (C) (ii), if parking spaces are "0", is "Identified as _____ and containing _____ parking spaces" left blank?

That might include things like adding units, converting commercial space to residential, or finding ways to boost income (like adding parking).The key is recognizing opportunities while walking the property, and that takes experience.

It is what is left after snow removal, cutting the grass, utilities, tenant issues, parking lot issues, property taxes, mortgage payment, etc. that make a difference.

If you go RBTR, here are a few key criteria I've seen to assure comfort of living and lower vacancy / turnover:- at least 400sqft per tenant and no more than 2 tenants to 1 full bath -excess parking where folks aren't blocking each other in and you're not getting complaints from your neighbors about overtaking the street parking.

Asking about the SW suburbs specifically, in the land of long sidewalks and big actual parking lots. 

Mobile home parks?

We built a single family home version of a 2 bed 1 bath with surface parking at cost with no profit all in with land for 175k in newark ohio, a suburb of columbus ohio. when we push that to 3 units and closer to the city for our build to rent model the numbers go way better. a 30k slab for a single family home is 30k, a 30k slab for a triplex is 10k a door. we designed a 2 bed 1 bath design at 668 sq ft and it's very good layout even I would live there, but I would never build anything that small again. there's no economies of scale. you need density and shared lines, resources, shared roof shared slab, shared windows, etc the cost goes way down.

Rather sleep in a trailer or van in the parking lot.