Typically, the adjustments I see on appraisals for basements are more flat rate adjustments. 10k is usually the number I've seen.What stinks is that there are a couple of model types that have below grade space where the builder, I'm sure, was trying to lower the taxes by having it below grade so the county wouldn't count that space in the assessment.

So in that a much lower rate of return is acceptable given the safety and certainty level of things. 

All the add-ons are a la carte so you can definitely get a lot of value based on what you need.One thing I personally don't like is that when tenants pay rent, they are charged $1 per transaction for ACH use.

In the second you have two tenants with 3600/mo rents and lower costs, if one moves you still have 50% revenue coming in diversified across two properties.

I am confused, how there are options available today that does not comply with city rules (ceiling lower than 7ft)?

As you suggest lowering down payment to buy more properties is one way, although the downside is greater risk in event of down cycle and more time to manage required.  

If you are willing to entertain areas outside Gainesville, you should look into areas like South Fulton, Forest Park ( lots of lower priced inventory) Jonesboro, and College Park to name a few.

Case law is well established differentiation between a loan assumption, and a subject to purchase.Fraud can be charged if the purchaser has not fully disclosed intent and circumstance to the seller, as well as the other way around.  

If you hire a PM, they typically charge 15~25% of the gross.

Potentially lower down needed of 15% with better rate and 6% cap in IPC’s