At a minimum,  you should understand what the current zoning is and what restrictions there are.As the post above mentioned reaching out or going in person to speak with the planning and zoning department will be very helpful. 

@Julie Doke: Industry specific software speaks to you and you can easily relate it to your day to day process.

A lot of people negatively arbitrage their 30-year mortgage, after taxes, if they keep money in a high yield savings account instead of prepaying their mortgage, because the savings account pays 4.25%, and their mortgage rate is 3.75%.

I'd like to speak to another point also. 

Even if you are negative cash flowing but living there, it may be worth it, as you are not paying rent to someone else.

I also found that being at "market" rents it takes longer to rent therefore missing out on a month or two of income negating the ROI on improvements.

I dodged a big bullet thanks to bigger pockets members speaking out.

If the property breaks even, or operates in the red currently, it will only operate deeper in the negative (unless you find a strong ROI like creating more bedrooms, convert a non living space to living space, etc) with another loan. 

I've uncovered some info only after speaking with other tenants. 

This deal has turned very negative.