Intent would be to cap connections where necessary between floors and minimize number of holes in the wall.

If you're just knocking down walls then you'd likely be ok without it.

id=1IaAr5B1WeT...Cleanup Job (Low cost fast flip): landscape package in front remove deckremove vines from house clean exterior, fix siding and wood rot, paint neutral beige/gray color clean driveway/weed, clean retaining wall/pavement replace flooring with mid grade flooring bottom level, carpet upstairs replace interior fixtures paint interior white trim, light color beige/gray walls, popcorn ceiling removal new kitchen appliancesRehab options: Replace deck with new one (kind of awkward that high to me) vs Remove and fill in wall or add large window to master.Potential space to move laundry into upstairs bathroom closet vs basement Can maybe get away with toilet/vanity replacement in each bathroomUncertain if painting or replacing cabinets with ikea type is worth itAny in-ceiling lighting will open up codes stuff with electrical since it is out of dateRepave/fix concrete front porch and side porch - replace/paint railingReplace front walkway cement, or remove walkway and replace with right angled walk to driveway (may not provide ROI)Tear down vs paint garage port in back yardWhich do you think provides highest ROI? 

I would believe it would make more sense to estimate certain costs relative to sqft2 for example (bigger house = more windows and more walls to paint for example).

Sure, your MU-2 zone will allow zero setback, but you will not be able to put any windows or opening in walls set on the property line (assuming its not a corner lot). 

Say I go into it to check it out and all the walls and flooring are taken out to the studs - too much?

Although I do distinguish between condos and townhomes.... condos I am not a big fan of because of more common walls and potential problems and expenses.One thing I am curious about, you said:Townhomes can appear in a pro forma to show a lower return, but holding long term returns are much higher than a single family home. 

High flying wall street job is a good source of income to start your investment career.

For example, when renovating our master bathroom, we decided to install ceiling lighting in the bedroom, which not only added much needed light, but also created an accent wall that makes our bedroom feel significantly more polished.

The buyers inspectors literally praised the work we had done throughout, but a week ago the CL-100 wood infestation inspection came back noting a small bit of non-structural exterior sheathing damage along the bottom of the back wall behind the vinyl siding due to moisture :( The good news is we are 99.9% sure the issue was caused by rain water coming off of the roof and landing in an area that had standing water before we brought in some dirt and gravel to resolve the drainage issue during the remodel (townhouse is on a slab).