So - with something like that in place, I would tell you that a property manager is highly overrated (perhaps the better way of saying it is "over-paid") for the amount of work that is typically needed in a month.

But I think there is a gap and opportunity for investors to realize a tremendous amount of value from this, especially those in the HCOL/SFR space. 

Did you take professional photos and what do you have the amount for rent?

What is advantageous is someone that is good at underwriting and unbiased (only analyzes the deal based on the underwriting without other emotions).Note i have a fair amount of experience and plan to place a competitive offer tomorrow that the underwriting dictates not placing a competitive offer.  

This simply means you have language in your lease that states the landlord is responsible for paying utilities up to a certain $ amount (let's say $100 for the sake of argument).

Then a bank will lend on the two as if they were one and that will result in a higher lending amount.

Keep in mind refinancing costs typically range from 2%-5% of the loan amount, so weigh the upfront costs against the long-term savings to see what works best for your goals.Good luck!

In calculating the actual construction loan amount will it be the 50k+construction costs?

I am looking to house hack in Montclair but I'm not familiar enough with the rent amounts and areas of Montclair to see if it makes sense. 

Also, in a mainstream asset class like value-added multifamily, I see no reason to take a risk on a sponsor that doesn't have full real estate cycle experience or that lost anything more than a small amount of money (and prefer no money lost).