What to expect for $1.5-2.5M buy price in apt complex.

[Michael Bender]

I'm looking for feedback on two items. Expectations on what I can get, and experience needed to execute.

I have two scenarios. I'm selling one property and cash-out refinancing 3 others for a total downpayment of ~$350k. If it makes sense, I can probably sell all SFR and have a downpayment of $650k assuming I can get it done within the 1031 timeframes.

1) How many units/doors roughly should I expect out of a $1.5M or separately a $2.5M property? Location agnostic, I'm in NC so I would love to keep it over this way if possible, but not a deal-breaker.

I definitely need the building to afford property management. I don't want this to be my day job. I'm just looking to upgrade from SFRs into a property that cash flows. I'd love opportunity to put in equity (I know how to do construction, GC projects, etc...), but would look at that as the upside. I mostly want cash flow to supplement income with minimal distraction once the deal is done in order to grow my startup business (not real estate). Is it reasonable to expect 5-8k/mo of cashflow with minimal involvement in a property that had upside potential to force appreciation if I put in work? Banks like me so financing should be straight-forward. 

2) What experience do I need to acquire or find outside of a solid property manager to limit my risk? What would be your top concerns for someone with only 4 years of 3 SFRs landlord experience jumping into the property afforded by either option stated above in the first question? 

I'm not a stranger to working on homes. One of my rentals was a foreclosure in terrible shape I rebuilt myself. I don't want to do this work, but I'm open and comfortable being GC. I've run my own business for 12+ years so feel comfortable managing contractors/teams to get results.