It is light, water tight and can have some added design options. 

Just purchased a 3 bedroom with a rather large basement. 3 bedroom would catch about 1100 a month, however if I added a 4th bedroom in the basement, I'll get @ 1300 a month in rent.The basement takes on water, needs to be partially finished, (walls/floor/outlets/lights/ etc) plus an egress window needs to be installed.Rough numbers when all is said and done will be 9-10k, with the waterproofing eating up most of that estimate.

I'm hoping those experienced with these can shed some light on the pros and cons.

They got out in 3 days (house was empty) and were not returning my calls so after 6 days, so I broke in - leaving the them a message to that effect.They had taken the light fixtures, bathroom sink and (didn't notice till later) swapped out the dishwasher for a rusted out one that wasn't hooked up and took the disposal.

Great opportunity to test the waters as to selecting the avenue to take.In that light, might as well mention that NPNs usually aren't for newbies, your being an attorney gives you a much greater insight I would think.

The brushed nickel light fixtures always accompany our cool color schemes, and the Martha Stewart Kitchen cabinet paint was a nice touch to the cool scheme.

Replace the $20 globe lights with some nicer fixtures. 

So you really aren't buying at a huge discount anymore on most deals, the ones that keep your lights on.

I can build an addition for about 120k that contains two "units" of 2bd/2.5ba each with lots of premium features (9.5' ceilings, acid-stained colorful concrete floors, radiant heating throughout, central air, LED lights, granite countertops, subway tile backsplash, carrara marble porcelain look-alike bathrooms, etc.)

So, I am quickly discovering that there are a lot of attractive multifamily properties in the area on MLS, but MLS has really limited financial data...is this common? Is pro forma not a listing requirement?