Additionally,  being a tight knit community, current or former renters have provided references and leads for future STR renters.

If its full of tree's first thing you do is talk to a local Forester and figure out timber value could easily eclipse the value of the bare ground.. now out your way  timber value per acre is not like here in the west with tight tall stands of Douglas fir .. but there is no doubt some value I would think.. and worth checking.Next thing is to simply order a title report that will show U if it is indeed landlocked it will say there is no apparent access to a public road.. the offer in the mail is just a wholesaler shot gunning and they know the value is a multiple higher than what they are offering.

I do agree with you tho is you have an asset that is CF and the money you get from the refinance would be so small and selling it would get him hit by capital gains trying to time the market, never a good idea, so it maybe better just to sit tight. 

Stay away from overly tight common areas and make sure there is access to decent internet available.

Correct me if I'm wrongProvided I'm interpreting this correctly, IMO - your numbers on House #1 are too tight if you want the cashflow to do you any good.

I am trying to get caught up on what the current deadlines are for the eviction moratoriums due to COVID. 

Margins are too tight and there's too much uncertainty.

As a '09' investor the reality of a collapse market looks a lot more like Mad-Max as people run in circles with their hair on fire, bankers grabbing every penny they can and locking the vaults tight.

The factors here are several layers deep...1- The threshold decision is rooted in local ordinance and zoning...if you're in an area with tight local ordinances you're fighting with the people that live in the neighborhood before you ever reach the city zoning folks...this can go one of many ways2- ROI on the conversion...you're first stop should be with a local architect...they are worth their weight in gold when navigating a project like this and will wade through the regulatory waters much better than you...and a simple phone call may be telling to whether the conversion would be permissible.The extension of this is the cost of the renovation in relationship to the rents received...the stars would really have to align to say you should spend a significant amount of cash to convert a performing building with 4 revenue streams to serve another function (but there is more to this)...and the cost of construction (and lumber in particular) is 5 fold what it was 1.5 years ago...3- As you indicated...exit...I think the only rational reason to convert a 4-unit would be to get condo status or single family/ shared wall and sell one or both of the units to an end buyer (you are basically paying the role of a speculative developer here)...this is happening frequently in locations like Olde Towne East and Merion Village...hard to demonstrate how successful this has been, but it seems far fetched reasonable consumers would pay the same for a  free-standing SFR they would for half of a "duplex" or condo, but who knows for sure.Either way you look at it you're in a residential appraisal situation on the comparable sales approach....4 unit buildings are still "single family" homes. 

The parking was tight.