You can buy 2-4 unit and add units [up to 4] with an FHA rehab loan with just 3.5% down - Your biggest cost is the land so if you can squeeze more sq footage the better. ie: Buy small duplex on large lot, convert the duplex into one unit and add 3 more etc. or similarie: Buy 5 unit and convert down to 4 units - this might be hard to get within qualifying loan parameters but worth looking at, I have done a few of these and it worked well.ie: Buy 2-4 units and add an ADU -its allowed not sure if anyone has done this yet 2.

You'll have a paying tenant immediately upon completion of your project.Create  package for the bank or angel investors, include all necessary information, pictures, future profit, contractors estimate, time of completion, copy of signed lease, contract of sale, traffic count, square footage, highest and best use estimate, holding period....etc.

Vacancies in the $400-$600 per month range are quite low.I like your method of using the square footage as a basis for maintenance and capex.  

*Use a formula involving sq. footage of the house.

Yes if there are two units; however, if he is sharing space and renting a room he will split it 50/50 unless he has more assigned square footage.

There is a house in the area that have the same square footage that went for 470k in the but the lot size is only 20,000 sq ft.

Might want to add home square footage, but that is pretty complete.

These areas all bring in good rents per square footage but the parking or lack there of or distance to metro north or condition of the neighborhood start to play a role.

I found that in the Greater LA Area, in a given neighborhood or community, house price is usually determined by two factors: (1) the square footage of the house and (2) the condition of the house.

Hopefully there are pictures to help but you want to look for similar 5bd/5.5 ba, close to the same square footage, age of the home and keep in mind other extras that others propertys have or don't. then look at the spread in price.