This will dictate your decisions between buying furniture from consignment stores and JC Penny.

I can tell you what HUD defines as a bedroom for appraisal purposes, coming directly from the National Association of Realtors and part of the CMA class offered by NJAR (New Jersey Association of Realtors) and when doing a comp analysis, as this: 90 square ft minimumWindow for emergency exit (local codes dictate size, ie: 5.7 sq ft clear opening)Natural light and ventilation (ie:window)Hallway access (direct or tandem such as a railroad style unit)Closet NOT requiredHeat source NOT required (I asked twice, I was shocked!)

While on paper you probably want to build the full 5200 sq. ft allowable, the specific neighborhood might not dictate it.

After investigation however it is my understanding  that it is local city ordianace that dictates how much can be grown not state.  

Depreciation can offset 401k withdrawal penalties but numbers will dictate how much and when.

I'm asking all of these many questions ad absurdum as a long way of saying that your strategy should dictate whether you invest in a certain place, not the other way around. 

You can dictate certain conditions, however - that they use existing access holes, not drill new holes in floors, attach to the building, that they remove it when done, etc.

Further, you can't dictate to a property manager to really have a customized management program for you.  

As far as today’s syndications - The premise of having to accept lower cap rates because that’s what the market dictates is not part of my investment strategy, but every one is different.

But I am also in one of the most competitive markets for investors in the country so, sellers dictate , all the best