Most folks in the region, just get in on the cheapest thing and hold on for appreciation but you can add equity as you stated quicker if you can add value/size/income etc .Shoot me a DM and we can chat. happy to give you any input you seek, its fun to have more investors out here in the "sticks".

Manly men, as opposed to girly men).Kegorator, electronic darts, poker table w/cards & chips, BluRay player and a collection of porn, Roku or smart hdtv, gas grill & charcoal grill, suit of armor, life size stand up picture of Marilyn Monroe, .22 cal pellet gun with pellets and pigeon/starling/squirrel bait and a critter count score board, horse shoe pit, firepit with several tons of firewood, that's all I can think of right off the top of my head.

I own and have been self managing a decent size multi family asset for more than a few years.

Since you are talking an existing building the regs don't apply to the size because it already exists. 

What size multiunits are you looking for?

If your requested rent does not include utilities, the HA will guesstimate the utility expense based on many things such as the age, size, number of exposed walls, heat source, appliances, household size,       etc.  

However; you didn't mention the size of the lot, therefore; the fact that it's zoned R3 doesn't necessarily mean that it works for that purpose. 

. - Rebuild Cost $174,000 - Annual Premium $387 - Owned in personal name - Row homeProperty 2 - Built 1921 - 4 Bed - 2.0 Bath - 1750 sqft - Rebuilt Cost $335,000 - Annual Premium $627 - Owned in LLC - All brick single family with detatched garageProperty 3 - Built 1910 - 3 bed - 1.0 Bath - 1300 sqft - Rebuild Cost $344,000 - Annual Premium $734 - Owned in LLC - Row homeOther than some obvious difference in size and age and ownership entity...The rebuilt costs that USAA are using seem all over as are the premiums.

I try not to provide this unless the set up makes it difficult/impossible for someone else to bring in their own, i.e. it requires stackables, apartment-size only, under counter design, etc.

A foreclosure property may miss a door or window but properties just don't mysteriously shrink in size because they are in foreclosure.