The units are already metered separately so this should only run us an extra $3,000 to $4,000 in legal/survey fees + a fence.

Your lender will also require an environmental survey. 

When you refinance, the closing costs related to the property (survey, stamps, inspections,etc) are not necessarily all going to be part of you closing for the refinance while you will still have your loan origination fees and others which will happen anytime you take a loan.

The best bet is to get all of the info together a developer will want to see like all the entitlements including any surveys, site plans, building plans, permits and approvals etc.

It never hurts to do investor surveys and personal check-ins as well.

@Erik NordgaardBest Sources For Data:Broker Package DataBestPlaces.netCity-Data.comCensus.govFactfinder.census.govcensus.gov/programs-surveys/ahs.htmldata.census.govStateLocalGov.netSpotCrime.comWalkScore.comDeptofNumbers.comDataUSA.ioBea.gov (Bureau of Economic Analysis)Bls.gov (Bureau of Labor Statistics)Indeed.com (Jobs)NewGeography.comNeighborhoodScout.comCrimeReports.comFamilyWatchDog.usGeometrx.comSocialExplorer.comCostar.comColliers.comIrem.orgZillow.comGoogle Earth / Google Maps / Street View

The chart below show the change in cap rates for Salt Lake city proper over the past decadeAll data is from the American Community Survey Cap rates are computed by taking the annual median rent, applying the 50% rule and dividing by the median home value. 

Even if it sells the first day   Here we can have it take a month to close   And sometimes 2 months with all the delays as well as getting a survey 20k also seems very small.

What is their fee for a topography survey (include utility locations), storm water plans, grading, arborist (if needed), and any other requirement the county may require?

Essentially, in order to convert a multi into a condo building you need to record a condo declaration and get a plat of survey of the building/units/parking spaces, among many other nuances.