And depending how it goes down, maybe I counter there counter just for the fun of the sport, all depends.

The rehab expenses don't line up but they are not stealing, I would suggest having a zoom call or sit down with their PM or account manager to see what is not lining up and where you see issues compared to what they have on their sheet. 

Happy to jump on a call sometime and talk through these things and perhaps help narrow it down.

Time overcomes low cash flow to some degree... rents go up while your mortgage stays the same and your tenant pays down your mortgage.  

I am using the tax benefit along with the principal pay down and appreciation to offset.

Will they finance 100% of the purchase and renovation or will they want skin in the game (you putting money in).Most do not do 100% funding so beore going down more rabbit holes, make sure you have the $ aspect situated first.

I'd be looking at multiple structures. we try to build below the average new build cost in our market in Columbus Ohio which is 515,000 last year and we target land 40-50k and urban core adjacent where we get higher price per square foot. we build for clients with margin around $190 a sq ft depending on multi or single. we can get that down in our triplex it's a little higher on our single family homes because of garages and limited economies of scale. hope that helps. idk Philly but if you show me the area and styles of homes I can give you some more insights. 

I think if you can nail that down you will be able to find a market easier.As a buy and hold investor some of the things that were important to me when deciding on a market were landlord tenant laws, price to rent ratio, housing demand, ability to build a team, large population 500K plus, multi-family availability and some other factors.take the process step by step and you will be fine. 

The builders loan couldn't approve us for the amount we need to get, but we had a loan broker find a loan for 10% down DSCR with a 2nd home status instead of investment home.

Your team can provide valuable insight and help you avoid costly mistakes down the line.5.