My current Duplex is fully rented and cash flowing at around a 7.5% cap.

Aside from that the biggest value add areas I see are as follows: Kitchens, Bathrooms, decks/patios (if added), additional rooms/bathsKitchens and bathrooms tend to be the go-to, but all of those can help you get the most bang for your buck. just keep in mind that if the area is already of high quality, then it may not be the best area to spend the money vs something that is blaringly in need of an update.

To do a 100% BRRR the cap rate has to be lower then interest rate.

. $93k/unit for 50% vacancy doesn't carry hardly any debt, hence why they are capping you at $500k.

They excavate the sewer main for their tie in, while exposed they cut my active line and capped it. 

It’s especially effective in eastern PA, where competition and inventory can be tough.If you’ve got $80K, I’d suggest capping your initial spend at $60-65K.

All the "bad" affects them first.Pref equity has a known capped upside and more downside protection, but as @Lane Kawaoka said, getting paid and/or getting your money back is not a guarantee.

Make sure to also include in your calculation all the associated costs of those homes (maintenance, cap-x, management, vacancy, etc) then include the selling cost of the home since the appreciation isn't unlocked until you sell the home.

At first, I would throw all my mailbox $ into savings for cap ex things.

I think it really depends on if you are able to increase that cap rate with value-adds post acquisition.