As for the areas to target, my goal in getting our feet wet as real estate investors--and since we plan to be living in Sac--is to find a property we can live in while renting out one or more units to help cover our housing expenses, which we can then hold and continue to rent out when we move.

We have been able to save up some money for our first turnkey multiple unit building.

I currently own 30 units and we do about $15M a year.

The big unknown is how deep the electrical and plumbing work will go.Also, with the attached 1/1 unit, I’m debating whether this could work as a long-term hold instead of a straight flip.

Lol, I'm  not sure i was very helpful, more anecdotal lol.I learned to estimate from other contractors many years ago.I found labor unit books from college bookstores.

.: @Karen MargraveGood to see you back here.When I was a midshipman a thousand years ago, we had accommodations similar to this, though our "micro-units house 2 or 3 cadets.  

I am also open to considering opportunities in the Riverside / Five Points neighborhood, or San Marco, in Jax.Ideally, I would like to find a livable property with 3+ beds / 2.5+ baths, make use of FHA to purchase, and rent out 2+ rooms while renovating into separate, complete units.

We manage 300+ units, I've flipped over 75+ houses in the past 3 years, and I currently own 28 long term rentals.   

They sell an older inventory unit, get all there appreciation and equity liquid, and use it to secure 2 new built units. 

Say, I have a potential client that has asked me to value a 7 unit apartment building.