3) Remember numbers on paper do not always reflect reality. 

I always like to know if utility bill reflects serious system issues ...Onward .....

It has been almost 2 years now since I left my comfortable Federal Government job, and I’ve been reflecting a lot lately on that time.

@Erwin GroenendijkI quote: "According to INE statistics, which are based on Land Registry data, the average interest rate at the start of mortgages taken out was 3.24% in July, 132 b.p. compared with 1.92% a year earlier, reflecting changes in international financial market conditions and, in particular, the policy of the European Central Bank, which from July 2022 to July 2023 raised the intervention rate by 350 b.p., a move that was passed on to a rise of 365 b.p. in the 12-month Euribor."

You do not want to get caught up in a situation where lets say you have a small kitchen fire and your insurance finds out there was 7 persons living in a single family residents, there renters policy and hazard policy didn't reflect that number of people or belongings.  

Since then over time the City plan has been updated or changed to reflect how the area has changed and they expanded the commercial zoning over a couple streets. 

Interest is set to reflect risk, it's not pulled out of thin air so much but you certainly negotiate the expected income.

You don't HAVE to know these things...but knowing what the multifamily comps are for your neighborhood reflect in value, how much it would cost to convert the property, what the city/county allows for your zoning, and your loan qualifications would significantly help your chances of success here. 

I'm still trying to nail down an overall strategy that leads down the FI road, addressing key questions of cashflow, equity, scalability while reflecting my current savings and recurring earnings. 

PCP has long been a haven for gang activity from NY/NJ area, and it reflects in the prices.