By the 3rd or 4th year if they aren't the same or have increased we all prob will have bigger problems

That may increase your cost or limit the coverage you can get.The Year that the following were updated (either partially or fully) would be good to know:- Heating systems- Roof- Plumbing- electricalSome companies will not write properties with systems that have not been updated.As long as you are living there, the proper policy for a 1-4 family is a "Homeowners" policy.

Quote from @Drago Stanimirovic: Benjamin,You're on the right track by focusing on macro trends like job growth and population increases, these can justify investments even if the 1% rule isn't met.

Everytime a new victim comes forward it increases the chances and shortens the timeline for something being done. (800) CALL-FBI and (800) SEC-0330. 

Investing in the right neighborhoods can increase your odds of success.Also if you look at the appreciation rate in Cleveland and Dayton over the past 10 years its actually quite similar to the cities of Columbus.But I do see your point of being careful in "declining population cities".

Furthermore you can vastly increase your returns through leverage using a non-recourse loan but that will definitely trigger UBIT but again the numbers can still make a lot of sense. 

Without actually building the 3rd unit, would this new triplex eligibility increase my property's value? 

My guess solely looking at your numbers is that it's an older/distressed property which means you have to account for more costs in capex. 2nd thought being it's not in the best of neighborhood then you'd have to take into consideration lower quality tenants/ neighbors and maybe increase expected vacancy and late payments.

I am unconvinced that the new administration will meaningfully address the deficit and US credit will continue to erode gradually, contributing to rising rates.

I did most everything I was supposed to do, increase my income, decrease my living expenses, save cash, etc..