I would increase Vacancy Reserve to cover one months rent (8.34%).The remainder of the report looks good if they are realistic numbers.

Make sure any additional upgrades will directly reflect in an increase in Value. 

Dirt-what’s it worth, what’s around it, 1,3,5 mile rings increasing in population?

I'm trying to avoid the mistake of managing by spreadsheet (i.e. adding a 3rd bedroom to a very large unit - ~ 1500 square feet) will increase the prospective return for the investment, which looks good on paper, and remember to balance that with property level considerations, quantitative considerations like getting the best tenants.

Workforce housing that is inexpensive will be the last to be effected by increasing vacancies

-you’ve got a low payment locked in long term-you’ve got room to raise rents and increase income.

Is there an accurate way to know what property taxes will be if there will be a substantial increase in property value at purchase price?

You want to use the banks money and use that other 30% - 40% on another deal that should increase your ROI depending on how good of deal you invest in.

I am not saying the property values won't increase, but not at the scale you witnessed in the Bay Area.

Once the 4th unit is completed and rented our revenues will have increased by just over 35% (we already have a professional tenant waiting to move in).