I contacted her and she responded the property was marketed as 3 bedrooms and that it is not uncommon for tenants to use other rooms as bedrooms....The county assessor has it listed as 2 bedrooms.

@John Story: I do not want to say it is typical but definitely not uncommon for what you are looking at. 

I feel shady asking people to agree to an odd situation like this - or is it not that uncommon?

Your calculations seem to be correct. 5% return is not uncommon but consider all the tax benefits and appreciation of the property.

It is extremely uncommon for someone to tell me they have a life insurance need.Since I know that I have specialties in real estate and not everyone is a perfect fit client for me, I strongly believe that is true for financial planners (and other referral partners) as well.

However I know a realtor I went to HS with, is it an uncommon practice or would she even entertain the idea of me asking her about the area and 4plex's?

On the upside, it's not uncommon to get more mid-term renters who want the place for the season (snowbirds), which drastically reduces your costs to manage.Fort Myers and surrounding coastal towns are pretty nice in spots, but you do get more "party" types on the mainland.

Double the annual income is not uncommon. 

We are also in a very warm climate so pipes outside is not uncommon.

Also, confirm who handles the HOA-related items, it's not uncommon for PM's to not provide this service and it falling back unexpectedly on the owners.