Is there fiber in the building (or to the building) and is there a fire suppression system.

Kitchen fire + no commercial kitchen built in fire suppression system + no insurance = ?

Specifically fire code; fire escapes, fire suppression systems, stairwells, doors, etc.2) Insurance costs.3) Elevators.4) Parking.5) Security.These are over and above what I would already be looking at with a single story garden style complex.

Continued new construction in the area will suppress the value of your purchase, but not depreciate it.

City impact fees per unit Utility infrastructure fee per unit, fire suppression whole building, closing cost, permit fee, engineering stamp fees, fire walls before you buy a single brick.

Rents are still catching up and seem suppressed in many areas for now.One thing I am trying to keep perspective on when I decide on in area vs. out of area: Water leaks (especially from toliets) seem just as likely or more than damage from weather.

Sure VRBO will suppress you on its home page, but Google and Bing rip that post out and display it on a search they control.

And if you converting to 3 units or more they may have you install fire suppression system (sprinkler system) that may be very costly. 

I guess the size of the lot might suppress the value, so I should adjust my estimated appraisal value to $225,000+?

This new information would require the property to have a fire suppression system, as well as a paved parking lot with a combined cost of ~$45,000 which no longer makes the property BRRRR friendly.