Due to item 1, adding an ADU can require years to start achieving any return (once the accumulated cash flow recovers the initial negative position).4) Adding an ADU is a slow process.

Although the list may seem intensive, I look at it like this: The total cost of all these items can be much lower than the cost to repair a hidden surprise after purchasing a property to flip. 

Since when should any local govt have the right to tell someone they can't rent or lease their property or other items. 

Evaluate the depreciation of each item separately.

These items depreciate in value over time.

Did you give her written permission to store personal items outside in a common area?

You've given me some solid pointers/items to take into consideration for future deal analysis, so thank you for that.

If you have appreciation, you will create enough equity over 30 years to reset the clock on all your capex items.

These markets are attractive because of their diverse, resilient economies, lower priced homes, and stable home price appreciation.

Another item to think about on this when getting into flipping or rentals in smaller communities is the vendors or contractors that are in the area.