In this case the consumer over estimates the risk of an hourly model costing more than a traditional commission model.

I’m defining general light work as plank flooring, painting, minor electrical, etc..For example - is it fair to estimate flooring labor as $3/square foot?

An estimated full renovation of the apartments would cost around $150,000.

I would estimate about $30-40k in renovations 

If one property under-performs these estimates, others will over-perform and even things out somewhat.

If they were to do it, he estimated at least $10k.

It's possible to anticipate paying between $1,500 and $3,000 annually for each unit, but to fully grasp the range of expenses, it's critical to obtain estimates from several insurance providers.If you intend to keep one unit unoccupied for guests, a triplex could be a more practical and affordable choice.

I will rough estimate total at $6k.  

However, a commonly used benchmark is the 70% rule.The 70% rule suggests that to make a flip worth it, you should aim to purchase a property for no more than 70% of the after-repair value (ARV) minus the estimated renovation costs.

The value I estimate is right around $340,000.