I doubt you'd get any more money but you'll rent it immediately if it is the only 3/1.5 in a sea of 3/1s.And yes, female students will appreciate the extra space even if is doesn't translate into more $$ each month.

So how does the translation of how steering laws are written translate into the real world.

Be careful whom you pick, though: Over the last five years, virtually every sponsor has looked like a hero thanks to strong rent growth...Generating $250k with $2 mio. equity translates to 12.5% cash-on-cash return before income taxes. 

As a non residential commercial property it gets depreciated over 39 years: that translates to 2.564% of the initial cost basis per year.

 $20K at 4% translates roughly to ~$58 per month.    

Translation, you think you have a verbal agreement."

On the the granite vs tile, upgrading to granite counter tops does necessarily translate into more value.

Do you think that this city will be a "bubble" (That whatever progress I make building an investor group and learning brokerage and PM will not translate to a bigger city because of this cities unique RE characteristics)?

If you sell the property and something goes terribly wrong with an non-permitted job, you as a seller can be found liable which translates to Mucho Dinero ...

I mean, what's he doing besides translating, either for them or for you?