But the term, "legal non conforming use" seems to indicate that I might be limited in what I can do with it.

IMO, your question indicates some guru tactics, selling for more because you arrange financing options, financing does not add value to any property, so someone is getting screwed.

Maybe even a couple parking curbs to indicate where you expect people to park?? 

Companies finance their operations with equity or debt, so a high equity multiplier indicates that a larger portion of asset financing is attributed to debt.

I'm new to Sacramento and trying to learn the RE market here, as well as look beyond at financial indicators. 

@Bernard Frazier I completely agree that a 5-family would be ideal for the reasons that you've indicated; plus vacancy-offset, etc.  

What I see as an indicator of a coming change, downturn, whatever you want to call it is the days on market nearly doubling for condos.

We're only 19 months into our current loan, and the lender has so far indicated they would only drop  PMI when we hit 80% LTV on the original appraisal amount (which I recognize is their right per the original terms). 

I believe MIS just indicates that it is an incident ticket.

They won't work in NYC.You have to look for Future type calculations like Internal Rate of Return (IRR), Future Value, Discounted Cashflows, Rental and Expense Growth, etc.All of my investments have done incredibly well and all in Brooklyn.I know what you are saying.... past results is not indicative of future results.