We stumbled into househacking by renting out basement to traveling physical therapy students, we then started listening to BiggerPockets and educated ourselves on all things real estate investing and got motivated to change our lives!

An option may or may not be exercised.

This all was going on as COVID-19 had just hit the world and many people did not want physical tours of the home.

Listen to all the BiggerPockets podcasts, read any and all books, network with investors, and start going out and physically looking at all the houses in your area you can (a deep familiarization with you investing market is key). 

It’s a little time-consuming but would be a good exercise to test your underwriting and see how the results compare to that $4,200/yr. number.

Well, as an agent (granted I do other stuff too), I am available during the day to make arrangements and run things down, even physically during this covid-19 days. 

On the other hand, if the market were to crash you aren't obligated to exercise your option.

You won't have time or physically be able to get to project sites so it is easy for projects to run over budget, take internal losses, or fall behind schedule.

NOT AN APPRAISER - But usually they look at permanent fixtures (eg swimming pool) as an adjust to the comps used.However, if there is obvious major CapEx needed (eg roof with major holes and obvious moisture invasion issues) sometimes they'll take that into account, but they are NOT physical inspectors and don't know the cost.  

Yes they are both electric but one is like a hair dryer or toaster and other using pressurized a refrigerant and physics.