But the logic would be the same: would adding an addition, that is designed as a second unit, actually add value OVER and ABOVE the cost of the addition?  

Depending on price, studios or 1-bedrooms can still get you a good return, but I suggest focusing on 4+ bedroom units and having a really special design to stand out in the market.

******************************Ok, here are my typical approaches to a complex assignment.1) determine the most important value characteristics within my subject market (location, school district, # of units, size, lot size, bedroom/bath count, remodeled, new build, specific style, other amenities, etc.)2) research available comparable sales (with those important characteristics found above) within the designated market area3) in the absence of recent good comparable sales, I will expand my search back in time, even 5 years (or more) if need be.

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I came to this thread wanting to ask genuine questions and trying to engage in a genuine discussion about this topic, because I am trying to learn.

I am currently experiencing a similar challenge to yours and have been developing software designed to assist real estate professionals like ourselves in lead organization and scheduling of showings automatically.

When a tenant moves out, transfer the deposit back to Checking so it's ready to apply towards expenses or refund the Tenant.If you end up with excess funds in the Checking account, I recommend you transfer it to a third account designated explicitly for future investments.

With plans to make an investment within the next three months, I'm eager to engage in discussions about my strategy and appreciate any constructive feedback.

It's a conversion process and is quite complex to design, formally file and obtain new CO.

I would recommend engaging a real estate attorney though there are good templates available including the standard Ohio REALTORS Purchase Contract.