The problem with 4 units is many cities will require a fire suppression system that adds $$$ to the bottom line.  

Piggybacking off of Brian-Zoning and is there fire suppression in place and if not will it be required if you do convert it? 

Obviously the cash flow might be a little suppressed due to the neighborhoods being higher quality.

Here are three things commercial agents need to do:1) Build a good Rolodex2) Learn the math3) Understand buildings and the features that are important to clients: electrical amperage and phases, ada compliance, connectivity, buildout options, parking, HVAC capacity and air exchange rates, fire suppression systems… 

If higher interest rates suppress the ability of buyers to drive up prices, and if in a year there's more inventory because sellers can't wait forever, maybe there's a dip to swoop at ....Farther out 1-90 is a good idea too. 

Fire suppression, wood structure, nearest fire hydrant, etc.  

Legal- permits, zoning, EPA, OSHA, Handicap, any grandfathered in items which you will lose such as fire sprinkler noncompliance; Kitchen or Stove fire suppression, smoke detectors, carbon monoxide detectors, maintenance/inspection checklists, C. 

Storm pondsStorm sewersUtilities sewer water electric fiber off siteUtilities on siteRoadsBillboardsRoad accesses- turn lanes, lights, crossovers, VPD  vehicles per daySpeed limitLeases  NNNFinancing, pi, interest only, construction loan, rent up, occupancy level, SBA, 1031, seller financing, OZ, Insurance, additional insured, construction, business income loss, Sales contracts,  due diligence, deposits, close period, call out, auctions, Marketing- preferred buyers, Crexi, loopnet, etcSoil compaction, concrete psi, footings, door heights widths, fire hydrants, fire suppression, 3phase, licensing ( can you imagine buying a bar but not getting a license)?

This allows you to safely minimize your risk category for next 5-10 years plus suppresses future supply and helps your longevity of consistent returns.

This could mean apropriate fire suppression throughout the building, potentially adding elevator, full ADA compliance, etc.