Sure, but I still reference cap rate as a quick ball park of the size/location/risk of deal.

I am wondering, what is a "good enough" size bedroom for most tenants here?

The size of the units isn't really reflected in it's rental value as most renters looking for this kind of sqft want a SFR.

Well, you can do it one of two ways, say you think your place is worth $500K:1) Usual way is to pull similar age, size, location properties and adjust or2) Pul what you can buy for $500K and see if you can match it.

It has an awfully laid out kitchen that is way too small for a house that size.

Just takes a little more creativeness upfront to find compatible properties.Of course, there are other options, and there is no one size fits all.

.), theres not really a one size fits all formula, you can make just about any type of property work if the numbers work out.

I have provided design repairs for similar walls as you described with repair costs ranging from $5K to over $20K depending on the wall size. 

Try that one on for size. 

You just need to measure the width of the opening to ensure you are getting the same sized appliance.