Unfortunately, not many around like that...The appraisal is about $150-$200 higher than standard cost because they likely went through an appraisal management company ("AMC") to get the appraisal ordered/assigned.

It's an estimated cash on cash return given current rental rates subtract expenses assuming 7% interest rate, 10% management fee, 5% repairs, 5% capex and other expenses like mortgage, insurance, tax. it's a estimate to tell you what properties to analyze vs ignoreyou can see the are pockets of negative returns as well as pockets of positive return. this is to supplement the data @Devin Conley provided

I have grown insanely skeptical of BP over the last 5 years, yet somehow I am trying the lead generation for both property management and now as a featured agent.

Property management is not for the faint of heart, so glad to see you're enjoying it and thriving.

Without accounting for management fees (I have not yet decided if I will try to self manage), and with planning to raise rents to typical market of $825 for each of the smaller units, and $1200 for the larger unit, does this seem like a worthy first investment? 

You may get EXTREMELY lucky and find one for 15% (if they get approval from management), but you will not find one for 5%. 

One of the biggest factors in successful flips is building a strong team: contractors, agents, lenders, and property managers. 

Staying involved in a business partnership while dissolving the marriage will rarely work.If you split the properties, I recommend hiring a good property manager.

Many of the problems I hear on this forum and in personal messages to me from other investors can be solved through more frequent and detailed communication.I have multiple emails to the construction project manager asking for an estimated completion date that have gone unresponded.

we are still assessing the rentals we manage but overall are just finding a few minor issues so far.