I think your planning and Architecture background will give you different prospective on RE investing. 

Here's what you need to think about, how much will it cost to :Purchase the propertyDemo the existing structure(s)Get all the required permits (including substantial legal costs because I promise you every one of your neighbors is going to be PO'd that someone is trying to put 4 units up)Get plans drawn upRun additional utilitiesActually build the new unitsHolding costs for 12-24 months, if not longerSelling costsSubtract that number from what you think the total price of 4 condos will be.

Here, since the building dept has records of all permitted construction, their opinion is what matters. 

Business licenses, permit history, truth in sale of housing (TISH) reports, etc can all be found here.

Looking up rental permit searches, I see past tenants using it as a 5th bedroom has been an issue twice on the previous owners' inspection reports.

Get the best rate you can, but it’s far more important that you keep it separate, include all the necessary 8-203 info in your lease, and properly account for it at the end of the tenancy.The DHCD calculator (it that’s what you’re looking at) is great for deposits received after 1/1/2015-and a landlord is permitted to rely upon it per the MD RP Article.

Usually when those conversions happened utilities were not split properly especially since no building permit or proper inspections of the quality of the conversion work performed.

Unfortunately,  the virus has really slowed down new hires and prospects are not good for at least the next 3-6 months. 

Unfortunately, the virus has really slowed down new hires and prospects are not good for at least the next 3-6 months.

I searched for county permits and there was never one pulled to create the 5th unit.