Site conditions are pristine (almost completely flat with minimal grade and soil work needed).

This may help.https://www.biggerpockets.com/blog/guide-grading-indianapolis-neighborhoodsi'd have to research the area more to be able to tell you anything. 

If it's MLS, do you have great professional grade pictures online?

You can still have high radon in an above grade home 

I'd like to see someone's luxury vinyl in its worst condition.Those of you with C D grade properties with vinyl plank...

Lower grade with more hassle/return or higher grade with less time commitment?

consumer grade loans.4)  Minimum down typically 25%,  but see notes on DSR - in high cost / low cap areas like seattle thats the limiting factor.5)  Many lenders have minimum loan size requirements - often $500K to $1M but some go lower.6) No prepayment / accelerated paydown allowed without a penalty fee.7)  No Fanny/Freddie consumer protections.   

Originally the property was a low grade unit with white everything.

In the last 3 years we've done one eviction and it was not in a low-income property.This is not directed at OP, but I need to say it: It's ok to grade neighborhoods, it's ok to grade properties, it's NOT ok to grade *groups* of people.

Unless you are looking at more institutional grade assets, you will be dealing with local players when you look at 12-24 units in that price point.