This is going to cost a lot of your time and money.

If I am looking for properties that pass the 1% rule, say for example the property is going to cost a hypothetical figure of $1M, it means I should be able to charge a monthly rent of $10k for it to pass the 1% rule.In this case the annual gross revenue would be $10 * 12 months = $120KThen it means the cap rate for it would be 12%?

He stated that the tub with encasing would cost a little more but last longer with less maintenance. 

Didn't cost a cent and maybe an hour on a rainy Sunday.

I avoid Houston for the same reason.I did follow your line of thinking and bought a house near the beach in Costa Rica, Pacific Ocean side, out of the hurricane zone.  

And certainly @Dave Foster will provide more insights in due course when i am ready.....and hepefully he will not cost a foot and an arm for his services :) Thanks all for providing expertise in this area.....

We are investor-focused agents and are offering mentoring and coaching on how to build a passive profit-producing portfolio of properties just like we did ;) If anyone is interested in learning more or possibly joining us, send me a message.Currently, we have purchased over 240 units in 5 countries, Canada, the USA, Costa Rica, Dominican Republic, and Mexico.

That'll cost a lot of money to do so.

At the end that benefits me as the builder/owner.Cost per sqft - I mentioned that this is a very unreliable number, because a sqft of bathroom will cost a lot more than a bedroom.

Your only cost as a REI is whatever cash comes out of your pocket.