@Lindsey Iskierka I ran it through a calculator I wrote.  

I am contemplating on going the FHA route but would like to have a better understanding of issues I may encounter. 

The numbers on the property seem to work pretty well from what I see from a CoC return but I'm afraid I'm missing some of the ongoing expenses required to run one of these small apartment buildings.

I fully intend on going to networking events in the area of the summer.

One of the best benefits of networking on LinkedIn is that we can easily get to know about each others businesses and hopefully I can add value to you or your network.My business focuses on selling discounted (non-listed) real estate deals here in Arizona and I have a very aggressive ongoing marketing campaign that consistently brings me in fresh deals every week.

If you're working in an area where permits are easy to pull & you know w/o a doubt that the ongoing work doesn't require a permit & there's no threat of a stop work, then maybe your contractor is right, but I wouldn't want to take the chance.  

Rental amounts in the area and ongoing expenses.

I have a couple agents I met when purchasing my first few properties and I let them know at that time I was an investor who would be purchasing a lot of homes and asked if they'd like to work with me ongoing. 

In the midst of this, I ran into an acquaintance that now carries the responsibility of their late father's home.

The purchase price was $87750 and the comps I ran that time were in the $150k's.