First, you should consider what expenses your property typically produces for tenants in addition to the rent.

I have aspirations of flying for the airlines someday, but I also have aspirations of developing a RE portfolio that produces around 10k a month so I can have a FI lifestyle and live out some of my other dreams.

@Stephanie PierieYou can use the BP calculators and they will produce a report that is usefull when proposing something to a potential partner. 

To calculate the cash flow the property will actually produce use a hypothetical 100% financing to calculate your monthly debt repayment.

There are plenty of degrees out there that are useful in producing thoughtful citizens, but they don't do much beyond that, and therefore, the applicable career path for that skillset may legitimately be McDonald's.

Make sure you actually have enough quality guests and content to produce a podcast.

Given that apartment complexes are priced on the amount of income they produce, how will this property be worth 1.7 million after reno and still have the same rent? 

Any option to subdivide the lot or put something else on it that could produce additional income?

You might argue that it provides the greatest cash flow, but there appear to be more profitable routes on the table.Item #2 appears to give you the fastest rate of portfolio expansion because you can theoretically have 5 units in the near future, all producing rent.

They are NOW business, while everything else takes awhile to start producing leads.