If you have deep pockets, you could remodel the main house plus this house, and have three rental units. 

It's also a way to see how fast distressed properties sell in certain areas and how long properties sit in certain areas after they are remodeled. 

Using your analogy with the 2/1, you need to find it for lets say ~130k and it needs 70k worth of repairs/remodeling to give you an APR in the 250-300k range and make sure you can rent it for >2k a month. in order to make the greatest cash flow you need to find the most rundown houses to fix, or go on the less desirable areas. unfortunately that's where the majority of investors are as well. i'll give you an example of one i just completed. it is in an up and coming neighborhood. some parts are scary, while new construction of luxury townhouses are within a block. it's a duplex with a 3/1 and a 2/1 (i know i said i wouldn't usualy get these, but it was a really good deal).

I have been really struggling finding properties that meet that 1% rule other than total gut and remodel jobs.

At some point, the remodeled kitchen will need to be remodeled again, and the new roof will need to be replaced, and I’ll need new siding, windows, etc.

The scope would include painting, flooring, bathroom remodeling, kitchen remodeling, etc. 

  I have been working on my first re-model for 4 months now.

Those sales should be remodeled units.

This isn’t a rehab/remodel.

Sometimes new roofs are on the horizon, bathroom remodels, etc.