I do this because I feel I can over the long run attract and KEEP better tenants LONGER.

Rentals go fast in this market UNLESS 1. there is something wrong with it and 2. it's priced too highHave you listed it on the MLS?

Does this help me or hurt me?

Financially, the numbers make sense, but I need to have a proper inspection since this is my first home (and I'm going unrepresented) and the house is built in 1915 with some renovations that were clearly done by the investor selling the property rather than a professional.Question: Although  previous owner has owned the property for 3 years and rented to tenants previously, should I be concerned that the legal zoning is only for SFH?

It’s also not as cost effective to just upgrade one unit when it’s vacant because then you lose economies of scale and in the instance of materials things may not be available over an extended period of time and you may end up with mismatched windows or something.

Is this common, or are we overpaying due to lack of competition?

Obviously you'll want to check the math on all of this before pulling the trigger. 

This is an over simplification, but with a roof they basically look at it and say to themselves.

So far this seems like a great community.

This team consists of an Investor Focused Agent, Lender, Contractor, and PM.Read this article on the "core 4".