It sort of depends on your market tenant but I would offer this observation.

My observation is that the greater your floor area to wall area ratio is the less expensive the apartment is to maintain and renovate. 

It's been my observation over the past 40 years that SFR's almost never cap out in the NW, anyway.

Please keep in mind that this information is based on my personal experiences, knowledge, and observations.

Any feedback on the TK providers you met with, or general observations on Indy?

The terms aren't great (which he shouts from the rooftop) but if the deal is uniquely special then there are worse things in the world than "a great deal with mediocre debt terms".

I haven't seen any specifics as to the strength of the multi-family (2-4 units) market, but based on my observations of how long properties sit on the market, sales are strong there as well, especially for properties with price tags of under $500K.Similar for landlords.

I've got a few observations / questions: WATER: $100/month for water with 4 units seems a little low.

Just thought you might want a fun alternative to achieve your dad's goals.Based on my observations and, having had a sister who lived in California for several years, $450,000 seems would go a lot further elsewhere.

In the fields of observation chance favors only those minds which are prepared."