That’s what I have set up but instead of using a raspberry Pi I have the local server inside a “jail” in a FreeNAS box. Running for a couple of months now without issues. I have an EVL4. I do have Scout Alarm for $20/mo just in case I can’t be reached and there is a burglar alarm.
I used to have a MiCasaVerde Vera Lite. Is that what you are talking about? It was NOTHING like SmartThings. I am glad I upgraded to ST. That was also when I used to pay $50/mo for monitoring and used TC 2.0. The alarm panel was not integrated into my home automation at the time. Long story short: the alarm company would not let me touch my panel so I ditched them and installed my own and set up the integration linked above.