@Monica Juarez-Gonzales Adding to prior note that @Michael Plaks has created the best resources and content, bar none, to help investors understand how to approach Cost Seg.

Of course this can be different depending on where the property is located but if you can meet these requirements, then it would be considered a bedroom.Notice that closet isn't listed like I had pointed out in my first post.

Most of my locations are in areas that a store maybe 10 minutes away. 

The benefit of purchasing in high cost location is the higher building value, thus greater depreciation potential.

The property would be in a C+ to B- type location, with cash flow as the main objective and appreciation second (75/25 split).

So for a Qualified intermediary, I see that you are, does location/state matter?

We have located a good parcel of land at a fair price, only issue is it's currently zoned for residential and we are planning to develop a small, 8-unit apartment on it.

First off- $4.5M for 48 units and 50% are vacant is not a steal, unless this property is located in a downtown area and you have a contact with a developer who will pay 2X to build a high rise. $93k/unit for 50% vacancy doesn't carry hardly any debt, hence why they are capping you at $500k.

You're not going to know the whole city from one visit but you may be able to identify and drive one or two strong "buy" locations for yourself.Best of luck!

To answer your question yes its enough but in many cases it might be risky.2. location, room to raise rents, occupancy of property, local laws, type of investment are just a few topics that play a huge part.