Our manager has tried outsourcing filling the unit to a realtor agent with agent incentives but that has not produced any results in the last month.

You can go as low as 2.5x in some cases but NJ tends to produce enough traffic/applicants where 3x should be minimum unless property is over priced.

.: @Ashish Acharya you rock! 

The IRS generally does not allow you to deduct expenses for a property that has not been placed into service, as deductions typically apply to operational properties actively being used to produce income.

The figure for without compounding makes perfect sense to me.For compounding, I took PPR's example, and calculated the annualized return:With the following numbers:A = $1,431,237.45P = $1,000,000.00t = 3This produced an annualized return of 12.68% over the 3 years with compounding.What am I doing wrong in this calculation (I'm certainly not a quant)?

Affordable deals do not typically produce cash flow.  

New to real estate and have quickly zeroed in on using the BRRRR strategy in great areas, one of which I have identified as New Haven (East Rock or Westville neighborhoods).

If you find something that works well as a short-term rental, but doesn't work well for you as a home, you'll have money but be dissatisfied when you live there.You don't even need it to produce a profit.

I put the cash from the refi back into more mutlifamily units that produce more rental income. 

When you go to sell the property, if you produce a certificate of inspection for the wrong number of units, buyer unless you are giving them a great deal and they will throw caution into the wind, would insist on the correct designations.