Is it a class A property in a great location?

In the current market environment, finding a deal that cashflows on day one is challenging.

Recent decades have seen Austin’s skyline, business environment and population redefined.

If Planning does determine the existence of your ground floor unit, it will require you to legalize the unit through the existing Planning code process assuming zoning supports the third unit OR using the new ADU program making your fast track condo conversion a passing dream.With regards, to some of your latter comments and questions:1) Any un-permitted work (including corrections) is not a good idea as a quick compliant from a neighbor can bring an inspector knocking on your door with a NOV especially in the current environment where everyone is SIP.2) Legalizing existing constructed spaces can be hit and miss based on the inspector you get.

I would take those attorney to court.I would find all the victims and do a class law suit against that attorney firm

. - Is this property in a Class C or D area?

Any C-class neighborhoods are more geared towards Section 8 and long term renters.

The cons are it's difficult to navigate the inspections (at least in the county we were in) and you're dealing with a class of tenant that is traditionally more difficult.

Our market is very heavy tourists, so a lot of individually owned STR condos, but honestly I've personally have had more success in long-term rentals doing the BRRRR strategy with small multi-families and B-Class SFR's. 

I am an investor based in Fairfield County, CT and just rejoined BP after many years away.From 2005-2011, I got up to ~150 units in SF & MF both rehab & new construction, Class B & C, but (regrettably) sold all to focus on institutional real estate and private equity.Since selling off, I got an MS degree in real estate and participated in most asset classes institutionally ($10-250mm+) with a focus on SF & MF.