Additionally, determine the anticipated after-repair value (ARV) of the property.

How much do you anticipate spending for renovation, and can this money come from the NOI or will you need to spend it out of pocket immediately after acquisition?

Compare that to low cap expenses of a new build and any higher rent rate associated with the new build as well as any anticipated higher appreciation and run your numbers over a 5-10 year period.New construction may cost more upfront but may make more sense with an extended timeline.

I'll personally benefit if it is for the current year (anticipated increase in income), or is the benefit to be realized only for the actual year it was placed in service?

So many landlords set up these types of additional escrow accounts and fund them monthly to try and anticipate those expenses - but these are separate from the lender's escrow for taxes & insurance.All the best!

It will almost definitely be more expensive and take longer than you anticipate, and those HMLs aren't cheap. 

However, lately I have been seeing appraisals come in lower than anticipated so be prepared for a value cut (Subject to your market of course)Lastly, you can do a delayed purchase and use 100% of the initial cost so as long as the loan amount does not exceed 75% of the new appraised value.

I anticipate at least another $5000 in cash flow with a new tenant which is will allow for things like electricity and internet to be paid for too as well as more cash flow.

I anticipated a strong but stagnant year for growth (Typical Toledo, right?

While many anticipate adhering to the 1% rule, in today's market, achieving that is exceedingly challenging.