If I were forced to pick, I’d lean towards purchasing two properties to diversify and spread the risk while potentially increasing your overall cash flow.

Most did not have those kinds of spreads. 

It might be worth getting multiple contractor estimates to narrow down that range.

Typically spreads on loans collateralized by CDs are around 200 bps. 

This helps scale quickly and spread risks across multiple assets.

Narrow down the focus even slightly: West Coast, East Coast, Midwest, price point, etc? 

BiggerPockets has a wealth of data on markets, and there are countless articles on this exact topic.Spend a few days narrowing down to 2-3 markets, then dedicate the next 3-6 months to really learning those markets.

This actually helps me narrow down my search for properties that meet my goals and clears up a lot of noise.

I narrow down to 3 deals: 6U, 10U, and 12U.

Narrow down to some areas you like.