This varies by lender as different lenders have different guidelines they underwrite to.

Those who have no cars or don't drive cannot simply walk into the parking lot to attend.If applied to residentials, such strict guidelines could mean (I hope not) nobody can be moved out of their apartment for any reason at all because all have to remain indoors indefinitely. 

@Alan Grobmeier  you will love this from your perspective.I bid on a 40 unit section 8 project in Hattisburg MS.. a few years back ( did not get it)but the builder was brilliant he built these for his style of tenant  Block construction painted on the inside and out.. concrete floors... and industrial grade doors and hinges... floor sloped alittle to a main drain in the middle... concrete counter tops  etc etc.so when tenant went out  high pressure hose came in and cleaned it all out  LOL.. you take little homes in the mid west that are lath and plaster or sheet rock with carpets and you will be spending a ton of money on turn over.my new construction I bought in MS were all stained concrete floors... only carpet in bed rooms.

The smart play would be to build a two story wood frame structure on top of piers or concrete block in most cases. 35 feet is a pretty typical height limit in most neighborhoods, so depending on elevation you SHOULD be able to build two stories on top of the elevated foundation.

It's too much risk for me until someone can give concrete suggestions of how insurance policy(ies) can accommodate the rental arbitrage scenario.

Even if it is sitting on a concrete foundation.

@Robert B Azimi measure it and call a concrete guy.

Block construction cement floors with the floors sloping to a central drain. concrete counter tops stainless kitchen cabinets boob lights and minimum windows by code .

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