That likely means fire suppression system, hardwired alarms, etc. 

Then when you consider how to fix the payment at $800 you are going to HAVE to keep it unrenovated . . . which means that your total value is suppressed here.Perhaps this is one you can carry personally for whatever season it is needed and then pull the "highest profit" lever and position it for the note to be of maximum value when you're not trying to keep payments at a certain level?

New home construction is slow due to a significant increase in materials cost which will continue to suppress the inventory.  

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My thought is DTLA prices are suppressed thanks to COVID, however I believe there will be a bounce back because of the lifestyle DTLA brings. 

The the variable I dont now is that 3+ units require Fire suppression, as well as stamped engineered prints in many municipalities, as well as added municipal hook up and impact fees. first you need to research the government fees, and what they will require of you, it is not unreasonable to have $10-20K spent before the first scoop of dirt is dug, Even a SFR where I am building I spent $6K in permits, surveys, and plans, the plans were the cheap part at $1,100

My recent building was a 3 unit that has one unit that's much too large (3000+ sq foot), but after realizing that same fact (adding sprinklers in a 1860s brick home), we decided against it as the cost was too high, and besides which there was no good way to add fire suppression without destroying the character of the home. 

That’s a good point that every structure is used to sustain or maintain its integrity to help suppress fire 🔥 spread.

Just so that you know, the fire suppression system, the ventilation, a/c are probably going to be things that you take care of.

For example, you pay for fire suppression or remodeling the bathrooms.