Then compare those properties' asking prices to their last sale price (or appraised value) if they have sold recently.

Again, if rehab is needed to pass the appraisal, its only Hard Money or Fix N Flip money 1st followed by a refinance on to your perm loan. 

Anyone have appraisal reports they don't mind sharing?

Speak with experienced agents in the market and even appraisers.

My offer structure (2 options I'm working on): Cash-offer: Offer: $100k above asking price plus $6700 escalation for up to $125K above asking price Earnest money: $200K fully released 2 days after acceptance Closing: 10 days Wave: Inspection, Appraisal, Title and Financing contingencies.

I’ve read stories about people buying a portfolio but having each individual property appraised prior to purchase, and then either cash out refi or sell individual properties out of the portfolio for substantial gain.  

I don't see anything in your post that would be a red flag for commercial.There are certain fees you cannot get a multiple discount on... for example, you will have to get an appraisal for each property, title fees will be per property, pre-paids (taxes and insurance), etc... you can't get any big discounts on these.. they are what they are. 

Those are questions for the listing agent.There are often mistakes in listings for rural/Ag property, so trust but verify what the agent says as far as ownership and acreage with the local County Appraisal Office online (if they have it) parcel mapper.

I'm concerned that when the property is assessed as a business it'd appraise lower than it'd when assessed as a residential property using comps.

An appraiser would need this type of info.