I believe the basic formula is .7 of the after repair value minus repair costs, minus your desired profit.

The wealthy will always pay more for desirable real estate and communities.

"Investing strategies" and to really understand strategies you have to know what is being strategized, what parts or elements you are trying to move or manipulate to a desired outcome.None of that touches on laws and regulations. 

On a larger scale, by playing on the sentimental and empathetic nature of an owner, where the land had been owned since the Civil War (zero basis) and desired the use of land to benefit lower income clients, the owner was elderly and knew the use of the farm that was inside the city limits would change, it became a manner of ensuring how the property changed, BTW, this owner kicked in cash for the development as well.

The vision and desire is there but just like breaking up-starting up is hard to do.

I had the same desire to become a Financial Planner and CFP for a very long time.

It's in one of the more desirable submarkets (so I shouldn't have a problem with vacancy in the future), plus there a long term tenants in place.

Is the area desirable enough so that graduates won’t leave for better jobs?

While it is a legal 2 unit, it needs at least 15-20k of work to get it there.Are we making a mistake putting our aesthetic and character desires in the way?

I'm not saying that is the case, you'd need to check in your area to find out.It seems to me as if we are somewhat "debating" the validity of utilizing an entity, but not really understanding what the goal you desire is from that entity.