I'm based up in Greenville.

@Jonathan Angulo I am based in San Jose as well.

Here is the excerpt from the IRS I am basing my answer off of. 

Lots of great advice like knowing what criteria you can base tenancy on and what you cannot.

It sounds like you have spoken with an architect but it's not really clear to me what you believe you can build or renovate by right based on the current zoning and existing structure.  

Also depends on how much capital you can raise, your experience, and what returns your investor base is expecting. 

While it is under 100K, and loans under 100K are often more expensive because they are harder to get and because it costs the same to underwrite a 100K loan as it does a 300K or a 1M loan.... and certain costs are fixed and not based on the loan size (think things like processing and document fees and underwriting costs...).

Debt Service Coverage Ratio (DSCR) loans are a type of commercial real estate loan where the lender evaluates the borrower's ability to repay the loan based on the property's income generated.

This option would require assembling a local team as I'm considering forgoing a property manager.D) Invest in a Better Maryland Area: The goal would be to find a property with higher appreciation potential, though I'm aware that the cash flow might not match what I'm currently achieving.Given the unique circumstances of my current investment—significant appreciation, a specific tenant base, and a low mortgage rate—I'm weighing these options carefully.

Especially with most units requiring 3 different paints/colors: walls, ceiling and base/trim/doors.