Cap rates are extremely important, primary importance to me, especially since CoC is only of relevance for about a year, Once appreciation takes place and your principal payments are paying down a mortgage CoC is no longer valid and will likely only decrease over time.    

How long is the appraisal valid for? 

He said an argument could be made that an out of state doctor is not valid, but we should not deny the animal unless we wanted to be a test case. 

Natural gas installed for heating and hot water.

I have the tax aspect covered, though indeed valid points in most typical scenarios! 

Hand your business card to everyone at the gas station next time you stop to fill up.

I told him the address, then proceeded to the house with gas for the chainsaw. 

It might be able to be done without even losing a bedroom, but even if it goes from 4 bed 2 bath to a unit with 2/1 and a 1/1 unit, the rental income (or sale price) should be higher than a 4/2 SFR in the area.That said I'm not sure if there's something I may be overlooking.It already has 2 exterior doors positioned nicely with separate porches and room to have cars parked on different sides of the house (it's on a street corner).I looked up the zoning regs for how the plot is classified and it is allowed by right (don't need to apply special allowances or rezoning) to have multi-family housing on the plot.The rehab would already have it gutted enough that the changes to plumbing and electrical would be easier.I don't have any idea how hard it is to get separate metering for water/gas/electric. 

My apologies - I didn't mean to be so abrupt and short with my answer but honestly, the email you received just hit a chord with me.Imagine a gas station sending you an SMS telling you that they would no longer sell gas to you if you don't start driving more.

For feelings of dread I have also heard of that being a gas leak situation, so there are multiple options depending on what the tenant wants to do and what you are willing to do for them.