What condition is the home in?

Similarly, they will severely discount any amount owed and focus on what the home is worth in it's existing condition. 

Under those conditions, and with kids to send to college, what property manager wouldn't maximize their take-per-owner?

@Don Gouge my projected price was $500K and when started the project kept on finding new issues due to the nature of the property condition.

That includes things like the move-in condition sheet.

On a project we're working on, we needed to bring in some 500+ truckloads of dirt to address a bad soils condition.  

This number will likely be more but depends on the condition of the property and type of wear and tear that can be expected from tenants. 

An investment is a living, breathing, fluid process and our job as the sponsor is to pay attention to prevailing conditions.

I will typically fly east to check out the land before the sale closes (term/condition in contract).

In R-1AA, R-1A, R-1, R-1N and R-2A zoning districts an Accessory Apartment, Accessory Cottage, or Garage Apartment may beallowed as a second dwelling unit on a single-family building site under the following conditions:i) Accessory Apartment.(1) Inside the Traditional City, one Accessory Apartment shall be allowed as a Permitted Use when the building site is at least 1.5 times theminimum lot size for the applicable zoning district.(2) Outside the Traditional City, one Accessory Apartment may be allowed as a Conditional Use in accordance with the regulations andprocedures provided in Chapter 65, Part 2D, when the building site is at last 1.5 times the minimum lot size for the applicable zoningdistrict.ii) Accessory Cottage.(1) Inside the Traditional City, one Accessory Cottage shall be allowed as a Permitted Use when the building site is at least 2.0 times theminimum lot size for the applicable zoning district.(2) Outside the Traditional City in the R-1AA, R-1A, R-1 and R-1N Districts, one Accessory Cottage may be allowed as a Conditional Use inaccordance with the regulations and procedures provided in Chapter 65, Part 2D provided that the building site is at least 2.0 times theminimum lot size for the applicable zoning district.(3) In the R-2A district inside and outside of the Traditional City, Accessory Cottages shall be a permitted use provided that the minimumbuilding site area for an Accessory Cottage shall be the same as that required for a duplex development.