Pay attention to whether the room is a primary suite (your own bathroom) or shared bathroom, how many roommates, etc. as those would factor in to how much someone would be willing to pay.

For example, if I want to install new plumbing in the bathroom because the old one is old and broken, would I need a permit to do these fixes? 

@Brady PretzlaffI think you should focus on properties close to campus with multiple bedrooms, adequate bathrooms, and parking for renting a room in a college town like near MSU.

Can you use the vacancy and cash flow funds to make CapEx improvements like adding a room/bathroom, a second unit, etc and thus not pay taxes on that money for the time being?

Added a bedroom and bathroom.

The 2.5 bathrooms have been completely remodeled with luxurious showers and fixtures.

Start with your primary, rent out any spare bedrooms "house hack"Use that to practice upgrades, kitchen, bathroom, curb appeal... etcNow you have experience as a landlord and flipper, use that to buy a distressed propertyAdd 40% equity to the property through home makeover, refinance into a low cost mortgageNow you are cashflowing a healthy margin on a second property, use that to build equity over time, cashout later and buy your duplex/quad.If it's going to take you 10 years to save up a down payment for a small apartment building, yeah it makes more sense to start growing your portfolio with cheap SFR flips instead.Every market is different, every borrower is different, every property is different, it would be ill-advised to recommend anything without recognizing the individual's nuanced goals and objectives with their next acquisition.

Look for properties with outdated kitchens or bathrooms, as these updates often yield high returns.

The upstairs is approved for short-term and long-term rentals and has a kitchen, bathroom, and a Victorian room that could be a bedroom.Notes:-There are three vaults, one on each floor.

., must share certain attributes (bedrooms, bathroom, etc.).T3: Compare property typeIn "The Book on Flipping Houses" by J Scott, it mentioned about adjusting the value of the comps to ensures that they resemble the subject property as closely as possible.