I think it would help in your points 1 and 2 if they could be expanded by analysis of labor market and its trends which would lead into supply and demand analysis. 

When you are buying a commodity without a fixed value - which is almost everything, but I digress - there's no definition of "overpaying" without context, and there's really no such thing in a free market since demand+supply will largely set the price.

More specific ideas for business that still operate these days: scrubs shop, medical equipment, bikes shop, pet stores, hardware stores, nurseries, beauty supplies, dollar stores, cannabis store (if legal in your state) or CBD products store, vape/smoke shops, doughnut stores, Fitness equipment store, pop-up COVID testing centers.Bonus round:If your location has a big parking lot, you can set up a "movie drive-in" on some nights and have the businesses in the strip serve the food/drinks.

Some things will drive appreciation more, like new business coming to town, potentially resulting  in lower supply / higher demand, and that is great.  

Hello,We are converting a house into two flats,All the gas, electric and water is on one supply, allthough the upstairs and downstairs all have meters.We would

Most college students have plenty of options if they want to rent by the room, so the supply is there.However, the model that Todd talked about on the podcast serves a different niche. 

I understand this may be due to COVID restricting the supply of houses and driving asking prices up.

In the end, we kept it as a livable unit since there was ample driveway and street parking.

Our local market has limited supply and very high demand, so they don't last long and go for top dollar!

While it may narrow down the market, I've had a steady supply of renters/guests since I do STR's.