I have seen one place that actually had a lease in place for an elevated rent.

yesgo to the building department or you may be able to find the construction prints on linemost apt buildings are built on point- meaning the exterior and 4 columns are the frame of the building all the interior of the build excluding the elevator and stairwells are floating/open space no structural bearingdepending on the unit you are looking at and its location you may be able to demo the whole interior of the apartmentall the above is relative to the year of construction and the materials used for constructiongood luckenjoy

Normally we recommend not doing any cosmetic work for 8 weeks which gives the framing and drywall time to adjust to the new elevations.

We received 2 cost estimates for the rehab along with an initial code analysis to look at the possible elevator and fire suppression requirements.

My banker is noncommittal until he sees the survey and elevation information, but I think I want to pursue this even though it is low lying and may start shopping the Fannie/Freddie lenders even though this may be small fry for them.

Yup you'd really have to study your comparables and know the formula from which the appraiser will use to determine value there are three methods:- Comparable sales approach (residential sales , 1-4 unit income properties)- income approach - 5+ units/comm/indus/office- cost approach - unit/special use properties (chruches, very old, etc)Using comparable sales approach which will be given the most 'weight,' with residential 1-4 unit properties and know the most recent sold properties, the differences, the elevation, the location (back corner, T street, culdesac, etc), upgrades, floor plan, sqft, school district, amenties, how recent the sale was, and how much a reasonable buyer in the market has paid for these variables will determine the value of your home to an appraiser.Ultimately if the home will not appraise we will not lend above and the buyer will need to bring in cash to set the new ceiling on comparable sold properties if they are that bold to do so.

I love reading and learning, and the bigger pockets community is truly a wealth education, Ready to elevate our real estate investment journey to the next level. 

Even with elevation/grading issues I can imagine making 2700 sf work.

So we followed a tried and true method of REI (buy a multi with an FHA) and our success was elevated by the high tourism traffic and high real estate appreciation rates in our area.

I mainly need someone who can inspect the outside structural integrity (walkways, elevated porches, concrete, etc.) and the common mechanicals (i.e. boilers).