Of course they still need to meet the other criteria, but I do think 5x is excessive. 

Break down your rehab into individual jobs, for example get a electrician for electrical work, a plumber to repipe the house, a dry wall guy to close out the walls, etc.

Are these markets dried up until the rent to price formula evens out a bit more down the line (if they ever do)?

As a dedicated and hell of an agent, I find this approach is weighing me down with excessive work.Even as an investor, I struggle to understand their strategy which wasn't disclosed until after the fact (signed rep agreement) three weeks in.

The downstairs tenant has sent me videos of the noise, and it seems excessively loud and obnoxious. 

MInut has a low average review (mid-3s I think) on Amazon which is a bit of a red flag. 1 per room at a total of $60/month sounds excessive for something that is not likely to be a common occurrence. 

Boise continues to grow so, this excess supply of rentals will be absorbed over time.

The main thing also to consider is how dry a basement is. 

My personal residence has a single basin sink and we use a drying rack similar to the one pictured below and never really even considered it a problem

In the 70s, Cancun was a coconut plantation and there was close to nothing in the Riviera Maya. 40 years later, the Riviera Maya is one of the most visited places in the world, with an excess of 25 million people landing at Cancun airport every year.