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.  

Additional Research Information: qRent.com Review________________________________________________________________qLast Sales Price/Date_____________________________________________________________qRental Ordinances_______________________________________________________________qMarkey survey of nearest 3-5 CompetitorsSchedule The Following For Week ONE: qInitial walkthrough of all unitsSchedule The Following For Week TWO:qAppraisalqInspectionsqLand/Building Inspection (Required)qPest inspection (Required)qFire Suppression InspectionqBoiler InspectionqHVAC InspectionqMold Inspection qTitle InspectionWeek 2:ATTEND ALL PHYSICAL INSPECTIONS IN PERSON qTitle ReportqTitle Report Clear?

If you get a new list each month, it would be worth your time to suppress the new list to your old lists.

For a hotel, there are a number of fire hazard improvements that would normally not be required of a residence -such as a fire suppression sprinkler system.

You want to make sure if you acquire the property that you try and suppress the title.