I'm not in that market so I can't speak specifically to it, but to me the deciding factor would be what the surrounding units and area has. 

Property Valuation:Investors look at a variety of factors to determine a property’s value, including comparable sales (comps), rental income potential, and location.

If there is no designation I would use an X as you stated.

Debt is rarely a factor in their issue. the ultra wealthy I know  with a few exceptions have very limited debt.. to no debt. 

Some strategies to get around are:1. leverage your current portfolio and buy in cash, increase value, and then refi2. buy Multi-family so your ratios aren't the main factor to lenders3. get in with a lender for high net worth individuals4.

While less than 10% of the mortgage industry offers 40-year mortgages, here's something to factor in: they often come in with a rate increase of 20-35 bps.Assume 35 bps.$300k mortgage at 7.25% (30-year): $2,046$300k mortgage at 7.6% (40-year): $1,996Technically, it lowers the monthly, but not by much once factoring in the rate adjustment.

You have to factor in demand and vacancy rates to determine if it will be more profitable, and that’s specific for each market.

Hello everyone,I am from Alexandria, VA located at the border of Washington DC and Prince George County, MD working for a kitchen and bath remodeling company since 2017 known as European Granite Design that also fabricates granite, quartz, marble and quartzite countertops since 2003.I'm experienced Sales and project manager also designs kitchens & bathrooms for remodeling.Using my expertise and connections I want to start working for myself flipping old condos or houses in the Washington DC, Maryland and Northern Virginia (DMV) area.

You will also have to factor in the closing cost for the new loan.

I still need to do a deeper dive, but the ownership structure was one of the external factors that I was thinking about.