Similar areas that have legal under utilized permitted space convert to max studios that you can fit.  

Make sure any renovations comply with local regulations and obtain the necessary permits if plumbing changes are involved.

FWIW Its California , you probably need a permit  to do just about anything as long as you pay the fee 

If you did a full repipe and gutted the entire property then I assume (in all that means) that there were permits pulled and this should have been caught when the inspector did their rough in walk through or atleast the final occupancy inspection. 

I know for myself and other investors they have had situations where someone in the building department says something verbally but then when you go to get the permits or approval things have changed.

.- Does the condo have an existing STVR permit or will you need to apply for it?

(Foundation, etc)4) Black mold, asbestos, lead paint, other other costly repairs. 5) It need significant cosmetic repairs where the purchase price just isn't worth it. 6) They may have an odd layout of the rooms. 7) Non-compliant septic.8) Trouble with permits or tenants9) Listing agent has a poor or incorrect listing.

This normally is not a big deal and takes about the same amount of time as getting the building permit. 

Quote from @Devin James: Quote from @Dominic Mazzarella: Quote from @Devin James: Everything went wrong with this investment:   - Took 4 months longer than expected   - Cost $10K more to build than we anticipated   - Sold for $20K less than we anticipatedWe still profited with a 30% return on equityThis is why I love Real Estate InvestingWhen you do your diligence and stay conservative with your numbers, it takes something really bad to lose money.Here was the original post:My siblings and I are building a home in North Port, FL.Here are the numbers: - Finished Home Value: $412Kish - Land Cost: $19,750.39 - Construction & Permitting Costs: $304,897Additional costs: - Environmental Site Assessment - General Liability Insurance - Builders Risk Insurance - Construction FinancingWe will be listing the home this weekPhotos coming soon!! 

Or, in most metro areas, you can obtain the list of permits that have been issued, and see who is receiving permits.