Happy to share a neighborhood graded that I created with a few other agents.

for some reason REITs have never been a sexy asset class, older investors look at REITs as a weird-bond and wonder why own something with 4-5% dividend when they can own Investment Grade corporates at 5-6% or even recently US treasuries at 5%, and young investors don't even know what they are.yet they acquire class A real estate, the kind you and I can't due to price, the kind that has the best capital appreciation in great areas long term, and they have access to credit at lower rates than us, or they can just print shares and get new capital for free that way, to buy more great properties, They can pay for the best management, they don't ever pay brokerage fees either in or out (have everything in -house), and they generally have much lower risk as most of their portfolios are leveraged at only about 30-40% LTV, and we have zero personal liability when owning them as opposed to the litigation headaches we get with direct RE, and right now they collectively are on sale about 25-50% below their NAVs at lowest valuation since 2008, as opposed to SP500 at all time highs.

There plenty of other opportunities elsewhere, my clients are involved in institutional grade properties across the country.

Does anyone have any updated number for a "mid grade" fix and flip from the studs per sqft?

That price point should be able to get you into a B grade rowhome with 3 plus bedrooms and often times more than 1 bath. 

So, they bought an OOS property (usually a freshly rehabbed A-grade house in a C or D area) because the house looked awesome in pictures, and the cashflow looked good on paper.

You can buy into institutional grade $50-125M projects with as little as $100,000.

You can certainly find a a builder grade vanity for cheaper than $500 at Home Depot, but you can also spend $2k+ on vanity if you are buying a ultra luxury/custom vanity.Our $500 "allowance" for the vanity is meant to be a starting point of what we think is reasonable for an average grade vanity on a typical mid-grade house flip. 

For example: Right now an investor whose commercial multi family qualified at 4 % in 2019 maybe cannot make the grade at 8% today so that investor would need to pay the loan down with cash to qualify or sell.

Medium grade sounds much better when you walk on it, your installer will not hate you and is also more resistent.