Ask what they see them selling for and what expenses are by category.

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I have yet to find an appraiser willing to give an income analysis more weight than market comparable...

There is no use investing if you only make the same amount as your cost of money.It is more accurate to calculate the weighted average cost of capital which would include the return that you would want on the down payment amount also. 

I like it because once the results of your query appear there are categories on the left side of the page which tell you, for example, what forum discussions have occurred on that topic, as well as podcasts, etc., etc. 

Any modifications or improvements costing over 50% of the building assessed value triggers sprinkler rules..Also, and modifications within certain categories of work triggers the rules as well...such as upgrading a heating system MAY trigger the rules.It has become so bad many towns are putting the same rules on 3 unit buildings. 

I am curious to see if mid west towns like Minneapolis/St Paul fits into this category.

It will also carry weight with sellers & their attorneys (if they even have one).

Whether it's occupied or not shouldn't place much weight on the ARV.

Failure to have adequate reserves is a common problem with all categories of properties, from small houses to high rises.