This is advice for the readers: DO NOT buy real estate jointly with your IRA.

You're Realtor should help guide you and your loan officer should be able to answer your questions.

For example, the seller might put in an expensive penalty if you refi early.Regarding the interest rate risk, I would not buy it today if the deal did not work at today's interest rate. 

Future tenants would likely appreciate the extra storage, and it could make your duplex more attractive in the long run without the hefty upfront investment that a full conversion would require.Another idea is to repurpose the shed into a functional office space or a private workout area.

The HOA of some buildings who did not have the "lodge or hotels" stopped allowing Airbnb.Commercial: it's a different beast, if you refer to warehouse, office or retail (and not multifamily).

Contact the local Assessor's Office to find out how much.You state this is a "college town property", but the rents don't reflect that.The low rents typically are reflective of long-term tenants that the current owner hasn't raised rents in awhile.

I'm buying the property with cash, in a trendy neighborhood.

The problem with these small deals is that there no money in it for the Lender or the investors who buy the payment streams.  

@Melissa Wongkamalasai it has been challenging to buy small multi units in Chicago for a few years now, and only the very best deals will pencil.

I buy the property with a DSCR loan at 7% for 30years for an annual payment of $300K. 20% down is $1M from investors.Increase rent (value add) over then next year to $1150/m creating a new NOI of $524K.