People outside of the DMV don't seem to grasp that everything is three to four times more than anything should be.

there ya go you don't live there and your grasping at straws.. how did you even know where Sherwood was and how did you come upon this property.why would you make an offer when you don't know the resale value.. just curious.market has moved there no doubt but old houses are not going to comp like new construction. and there have been some new homes built in what I am thinking is the inner downtown area were this property may be located. since you give no inkling there is no way to really know. :)

I feel I have a good grasp on what it will take to get started on my first property but I still have a few major questions that I can't seem to find answers to.

I still have plenty to learn, but I'm starting to really grasp some of the basics and it feels good.

I've found very few agents that understand construction and almost 0 that have a good grasp on construction costs. 

Keep on using BP for all mentioned above to include meeting with other investors and finally when you have a grasp of what it is you feel comfortable investing in and it makes sense and you are ready JUMP IN!  

Anything above that range will be outside the financial grasp of most tenants so it will be hard to fill vacancies.

Hopefully he knows usable repair folks from the rehabs he has done.CAUTION:  Landlords do not typically give away equity, they normally have a better grasp of market rates and values.

Regarding the numbers, it looks like you have a good grasp on the expenses.  

Given that you clearly have a good grasp of the mechanics, I agree that if the value is peaking and you'd eventually just have to re-buy the property from the government, holding on to it long-term is maybe not the best course.