High rent to lower acquisition point is a huge factor, but please don't ignore all the other factors - net migration, income growth, path of progress, job diversity, legislation, taxes, personnel in the area to build a successful team....etcI heard on a podcast the other day that your internal team is like your golf swing and the area you choose is the golf club you select. 

I know those are kind of ramble-thoughts, hopefully they make sense to you.I got baseline quoted an HVAC replacement of $4000 (inside and outside) per unit, this isn't including ductwork and not knowing the interior.

And ask him to provide you with the interior and exterior pictures from the listing. 

We have remodeled the interior and have just started the rental process. 

Find a nice granny house that's about 1000-1300 square feet, that's in good condition, but maybe needs updating (interior finishes) and maybe a roof or some siding or landscape.

A good inspector is not just going to inspect the interior of the unit, but also the building itself, air conditioning unit (usually on the roof), etc. 

Each city has its own requirements on the minimum interior floor area of a 1 bedroom, 2 bedroom, etc.

There are some that go as far as dictating allowable interior renovations, right down to the paint color. 

They were working on it before I moved in and they are only *just* beginning to start working on the interior now.

@Brian Ellis you would probably have better luck supporting it with a stud wall instead of trying to incorporate it into the block wall as you already have studs sitting against the interior of the block.