So I could not recreate these lots at this price again.. ( unless there is another 08 type event)..

Most of the time you can pull permits as a home-owner, and its a little cheaper.  

@Mark Graffagnino  in Oregon we build that for 100 to 110... not including building permits and SDC charges.. is that sq ft cost include SDC and permits ?

Your market will determine whether the extra bed/bath ( my guess) or the garage is more desirable, but get it permitted if you convert.

they probably start looking at me weird at that point…-Do we need to pull permits for the job ?

This happens the other way too - one crummy house in an otherwise fantastic neighborhood will have a higher value than it really should.I don't generally put a lot of stock in zillow's zestimates, though.Regarding the county listing your place as a 2/2.5, was one bedroom added without a permit?

Then factor in $100,000 for fees, permits and connecting utilities.

I put a AO Smith 50 gal gas water heater in my own house (attic), but I couldn't have done that on my rentals as the cities require a licensed plumber to pull the permit unless you're the homeowner/resident. 

The borrower may be permitted to obtain another home with an FHA insured mortgage if the number of legal dependents increases to the point that the present house no longer meets the family's needs.

Here the state rules for septic testing did not come into place until 1972, so all systems before that are a hodge podge of unregulated, who knows what systems, and all are pre-permitted, which means they were never permitted, inspected or approved before installation.