@James Ohliger what an owner is really doing when hiring a PMC is buying their expertise and time.You can think of expertise cost as a relatively fixed cost.

This little cabin was going to cost as much for the sub work (HVAC, plumbing, electric, etc) as our big cabin.Be thankful you got a new build when you did (we are!)  

Again, you won't find "low hanging fruit" but deals are out there.Since you mentioned that you are getting started, I highly suggest you house-hack (this is how I got started in Costa Mesa, Orange County).

Separate from the lack of necessary information, I'm not aware of any market in this country that can support the costs of ground up construction, particularly in the scale you are envisioning  where 2 bedroom units are renting for $1400 without significant subsidies. 10% max cost as a percentage of asset value on completion is a good rule of thumb. that is how we underwrite every market. 

What's the purchase price and estimated rehab cost as a % of ARV?

Thanks  they would expect a furnished property and if you arent already a STR and just a normal LTR, that can cost a lot.

That is how we got to this moment.The biggest struggle for this system is that it is septic and we already know it will cost a pretty penny adding 16 new tanks or several larger communal tanks. 

Compared to offerings that cost as little as $12/month, this thing barely has any features at all, and is not at all poised to help you grow.

Typically, in A-Class neighborhoods you end with a prospective tenants that are a little better off financially than most.I also own an LTR in Orange County (Costa Mesa) and I have had good tenants thus far. 

Realize a REIT also will cost a lot more for tax returns and potential reporting.