That's a classic!

Im also in the washington dc area . ( Arlington) and have the classic 2/1 rambler that I am getting ready to rent out. 

The property is a classic and looks like opportunity to me! 

To get close to 1%/mo gross from nicer smalls, I'd have to get good equity capture from a motivated seller and repurpose/ expand the unit count and or square footage.  

It's usually cheaper, easier, faster to buy existing buildings and re-purpose them to add value.Developers I know maybe have 20% of the mix ground up and the majority of their portfolio 80% value add existing projects.There are some I know that only build strip centers.

That’s the most classic mistake people make.

Until there's a market correction AND more homes come to market (ie more housing starts), these classic metrics are less and less useful. 

Classic examples of the intrinsic value assoicated with the "Opportunity Cost" of your decisions.

I survived/thrived buying good assets below market value and repurposing. 

It is considered a classic in the note space but I was a little disappointed, to be honest.