One of the main drivers of this dilemma is the low 1bd/1ba garage conversion and $30k seems like a large cost for one element of a 350 sq ft conversion. 

If your main driver is saving money please pay the professionals.

While SU is a huge driver for the area, we have a lot of other economic drivers, including the two new Amazon facilities, but also newer companies such as TCGPlayer and Spincar, along with a multitude of new drone companies which are here for the expanding Tech Garden and the drone corridor which runs from Syracuse to Rome, NY.  

Cap Rates really don't apply to residential so drivers are going to be much more about credit and value - if commercial, its a whole different thing - more about cap rate cash flow metrics etc

Is there unlimited new construction that would drive rents and appreciation down?

They wouldn’t accept it because my drivers license was expired

They may be able to finance you at a low down payment if you have experience, reserves, and FICO as long as the 65% of the value can support the entire purchase price  I wasn't saying 0 down, but the concept of full return of capital. 15% land purchase cash. in columbus land is let's say 50k we build a triplex for 350k which is very close to 15%. small entitlements, reserves required, etc whatever lender asks for. multifamily sells for 200k per door in our market over 4 units, we are pushing the values up. first ones we are working on because of rezoning, etc but it's a full refinance on 6 month seasoning and do it again. that's the scenario that I was outlining. we do it in the urban core of Columbus where new construction trades at $325 a square foot or more for higher rents and higher equity. we could still put more units per parcel in columbus. these are all infill I hate Lehigh acres. overbuilt, no infrastructure, no commercial drivers or asset.

Since I am no longer in the area and do not have referrals for employees, this is my main driver for knowing more about the team I hire.

In higher end areas, I would argue design, flow of the space, and usability are a bigger driver, so keep it 2 and make it nice.

But if you do it, there are many tools to help facilitate self management.As you know, a big driver is Supply & Demand.