I would specifically only want to have single family/townhomes and apartments built.

The official zoning is C-RS (commercial rural service) but as the home was built is 1919 so it is existing, non-conforming and can be used as a SFH or commercial business.

By how much ($ amount) does ARV change for every decade difference in year built between subject and comp?

@Joe Garvin I think those lower occupancy numbers would make more sense in an area that's not a resort town.

I am a student in university, fairly new to REI and busy learning about my local market where I plan to invest.I am in the process of saving for loan down payment since I aim to first acquire a rental or more ideally do a house-hack when I am able to qualify for a loan (I have not researched private lending yet - any tips would be welcomed for financing options).I have a semester break coming up in which I hope to go out and get a feel for the Cape Town market - open to anything.

I recently helped a flipper to buy a home in a very upscale town. 

Your last question should be: "Given what we've discussed today, who else in town should I be talking to and would it be OK if I let them know you referred them?"

Can I call the town and have them kicked out for that?

I fear that the price of a one bedroom apartment (one parking space) in Lohi cannot go much higher and we have a massive inventory of apartments being built downtown these days. 

The 203K has built in buffers and follows a process to protect the lender and yourself.