At least my cap ex will be minimal for some yrs to come. 

-repairs and cap-ex can be the most challenging aspect for new investors, there are no standard rates that will work across the board. $200/mo is a safe bet for a SF of this size for cap-ex, and your repair estimate looks ok.

Theyre market cap is at a point where like 300 agents could chip in and buy out the whole company right now.

That would make your cap rate 39%.

There could be rent caps, there could be relocation fees, I dunno, but someone does. 

It seems like you want to build, then refi out to perm.I really like the new build, no cap ex, much easier to manage, and you have a new asset for the foreseeable future. 

Higher cap rates: The combination of lower purchase prices and solid rental income often results in more attractive returns compared to overheated coastal markets.7.

What I mean is, it looks like as a married couple filing jointly we pay $0 in cap gains on first $94k, so could we use a strategy to pull out $94k in cap gains then 1031 the rest?

This has created, since about 2016, an asset class of very limited MF properties in the Southeast that trade at unreal cap rates.

Also noted, most townhomes reside in HOA communities that have rental restrictions/caps and HOA fees that'll eat into cash flow.