Looks like consensus says they are not worth the cost, thanks all!

We're looking to build a 3 flat.What is the cost to build a 3 flat and 2-car garage? 

Most banks or lenders are looking for a property that has a LTV of 75% or lower after cash out and some requesting a DSCR of 1.00x once fully leased.If you was looking for $100,000 you would want to at least get the property to be appraised at $145,000 to get the most competitive pricing and enough cash out for yourself and closing costs.  

Here's a breakdown based on your examples:Carpet, Vinyl Flooring, New Toilet, New Vanity, New Tub: These items are typically considered assets because they are permanent improvements to the property that provide lasting benefits.Plumber Labor for remodel: Labor costs for installation or repairs are generally categorized separately from materials.

It could cost more.

So many amateur landlords make big mistakes that cost them far more than a professional PM ever would.3.

Just More closing costs? 

I could get that in a stock market index fund with a whole lot less hassle and risk.If I were to mortgage it (assuming I even could, what with the fractional ownership) it would be 340k purchase with 20% down @ 5.5% = 68k down pmt and 1823/mo (22k/yr) in mortgage costs.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

Additionally, my renovations are full guts anymore, which helps limit some competition and allows me to push the ARVs relative to other houses for sale in the neighborhoods.Admittedly, this doesn't necessarily create substantially more deal flow.