Any idea estimate on cost? 

A cheap PM will cost you more than a good PM, and that's 8% - 10% of rent.3.)

Be focused more on systems; i.e, are we saving enough money to invest by not indulging in other areas and prioritizing the right specific things, is the cost of this pursuit worth what you're sacrificing, if we keep $X set aside everything else above $X should be invested here in the short-term and this in the long-term.

We drafted an addendum to the contract and the sellers signed it to add the extra parcels in for no extra cost!! 

Ask your broker if the brokerage has a referral division and if there are any costs.

Ultimately the pictures combined with the location are what sells it.You want to avoid HOAs at all costs.

Unfortunately, this costs $$$ that you shouldn't have to spend.

Do they value nicer finishes and design or is that additional cost lost on the typical tenant in that pocket?

Yes, there's a shortage of low-cost housing in West Palm Beach and Malibu and Portland Oregon and Asheville NC and other places people want to live.

At the current cost to build estimate $150/sqft, It appears a 1500-1700 sqft new construction will need to sale for around 399,9k to make a decent profit.