High interest rates and dwindling capital reserves have led smaller investors, who have long driven the market, to pull back.Shift in Investor BehaviorFor years, individual investors fueled price growth through small-dollar deals, but rising interest rates have made them less aggressive.

(Call, text, door knock until they give you business.)

But even with white appliances, new laminant counters, new vinyl tub surround, you are still likely at 10-12k/door.  

I would say 25k gets you in the door to many syndications.

For example, at two events in the past week I met: a Dr. couple looking to get into investing, someone with four houses, someone with two duplexes, someone with a title company and 64 doors, someone with a couple apartment buildings and a winery, someone else with a title company and a parking lot striping company.

However, the tenant opened the door, and I asked the inspector if he wanted to check inside.

"Removing a door and leaving it open"  are you pulling the door casing, replacing it with drywall, trim board?

Most deals will tout "buying this deal at only $XX,000 per door".  

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.

This conversation would need drywall + 1 door min (not sure if a closet is also need to qualify as bedroom).