You're watching TV in the living room, your wife plugs in the hair dryer upstairs and - POP - there goes the circuit breaker.Let me emphasize again, though: I'm no electrician...

I also hate listings that emphasize “below market rents” too much.

I'd emphasize that tax assessment of $700k means market value and potential sales price of well over $700k, exact amount depends on the exact location and condition of the house of the house and land.The best financial situation for your parents may be to sell and pocket cash from the sale, but I understand there are always more factors in play: maybe they don't want to move, maybe they couldn't afford buying another house that would meet their wants/needs, horse boarding, etc.As far as if this is a good investment for you, I'd say yes!

Edit: I should emphasize that I really don't know very much about construction so maybe it's actually less of a big deal than I thought in terms of the house being on a concrete slab vs having crawlspace, when it comes to additions/plumbing?

PossePresentation=BusinessLicenseSearchByNumber&IconName=Contract_Mag.pngpaste the license number in the search bar, and it will tell you how many units are supported under the rental license.I can't emphasize how important this is.

Again, let me emphasize don't worry too much about it as it is an edge case.The focus I was trying to convey, and ended up doing rather poorly I must say, was that low cap rates are not necessarily a bad thing. 

I make sure my pics are clear and text emphasizes the appealing points of the unit.

Notice I emphasized interest, because debt service amortization (i.e. principle payoff) is still considered part of your profit. 

Emphasize you are a cool, local dude just trying to be in a good neighborhood.

Now, I want to emphasize that this hasn't yet come to pass, so I'm not offering it up as proof that you should jump into something similar, just as a verification that your idea isn't completely nuts (or that I'm nuts too!)