Study the market.

Not knowing your situation, you may or may not benefit from a cost segregation study. 

However, if you can profit $1K/month off of that property and cycle that cash flow back into something that makes the same return as your boring 401K, that will net you another $1.8M in 30 years, pushing you well over $3M.

And receive a fraction the funding a "prestigious" university get's for producing a person with there Interpretive Women's Study in French Poetry degree get's...... 

And while BiggerPockets is a platform, not “Scott Trench’s boring old school approach to wealth with good old fashioned personal sacrifice to let personal wealth steadily compound” I often regret allow certain opposing viewpoints into our space. 

I know a cost segregation study would be too expensive for such a small amount of property, but is it permissible for me to estimate the value of the components on my own?

Study the market.

I have seen studies that show that when the utilities are paid by the tenants themselves directly, that the costs are reduced by 20%. 

A recent study showed that 80 people are moving to this city every single week, which will continue to increase housing demand.

One who is active still and recently did a case study write up like this is Don Konipol, the other pops on every now and again and did a BP episode many years ago Aaron Mazzrillo so search those two names and read some threads.A more likely scenario is not what you mentioned as the ever growing note/value deal, at least not as outlined.