Most likely all new mechanicals, windows, a fair amount of framing, insulation, etc., etc.

If the water bill is $100 a month, increase the price by 20% (or whatever you decide is fair) to compensate you for the time required to split and bill and to cover additional use when tenants squander the utility.

I know this is above and beyond what most municipalities require, but being fair will make the whole process easier.Additionally, a new landlord can reduce the 60-90-day notice by offering more moving assistance (cash and/or labor) if they move sooner rather than later.

Those policies that weren’t forced on the plan of last resort, the state run California ‘Fair’ Plan are significantly underinsured.

So seems like a decent play for cash flow but not much for appreciation.

There are many good locations - I'd suggest that you play around with the "Market Finder" tool at the top of the screen here, included with your pro membership. 

The fact that you evaluated whether to sell or do a cash-out refi shows you’re playing a long game and keeping your options open.

I just feel like everything that I am looking at has to be a high effort strategy or an equity/value add play.

New construction in a saturated market isn’t always the best play if you’re looking for steady returns.A place like Rochester has way better fundamentals—lower buy-in, strong rent-to-price ratios, and stable demand from universities, hospitals, and major employers.

If they are VERY professional, they will have their processes in writing as verification that it is enforced equally and fairly by their entire staff.6.