Include square footage and other info. 

For my customary finish levels, at that square footage, I would look to pay around $16k assuming there are no extraordinarily difficult aspects of the project.Good luck with your search-Keith

needHash=true).Take a look at the infrastructure and see what's there - what do they require as far as amount of land versus number of occupants and open space rules.Sometimes you can get a quick guess of costs based of square footages depending on level of finish *for example only - I don't know the numbers for out there*: if it were $200/sf, 800sf/unit, 8 units- that's construction costs for the building, then there's site, landscape, etc.I would probably lean towards taking on a reno as Ann Bellamy mentioned, or team up as Karen Margrave suggests.Good luck and keep us posted!

When looking at rental comps what's more important, the number of bedrooms or the square footage?

The standard phrase at the bottom of an MLS sheet :"Information deemed reliable but not guaranteed"Most agents will auto populated the taxing authorities square footage so more than likely their information is was incorrect. 

Or, 2) renovate the unit and convert it to a 2 bedroom like Unit 3 (same sq footage).

If so, I can explain how to develop a community and housing layout for any piece of land that meets low rise density requiements in a way that maximizes square footage built...and profits.

Perform your make, size, square footage, condition, and amenities adjustments compared to the subject home, then look at the sales values over the past 12-24 months to try to find past year's sales in order to gauge past-to-present values and market direction.

Around me, 2-4 unit houses sell for less $/ft2 tha SFH, depends on the exact area, but generally 15-20% less $/ft2.The builder is offering what for that price in terms of sq footage, beds, baths?  

(Action Item #1) Ask a realtor for the latest MLS comparable sales 1) going back 6 months, 2) within your neighborhood, 3) within a 10% square footage differential and 4) the average market time (time it took to sell).