This is one of my favorite features of Bigger Pockets especially for asking specific questions.

Read some of the guides in the education tab, use the search feature and plug in what you want to know about.

That would bring me to $2500/ month ($30K/year) cash flow if all 5 properties were cash flowing at $500/month.The alternative strategy is to get a multifamily unit but that would mean I'd need to wait 2 years to just save $80K (20% down) to purchase a multifamily of $320K with a cap rate of 10% that provides a gross income of $32K/year.From these two scenarios, it looks like I might as well purchase SFRs since the second scenario of waiting 2 years to buy a multi-family would mean I would not be actively investing for 2 years. 

This is one of my favorite features of Bigger Pockets especially for asking specific questions.

However, I was definitely thinking of leasing it up and selling it based on $26/foot/year and a 6.5%-7.5% cap rate to an investor.

At 93k I can get 10% CoC and $200/month in profit.Here are the numbers as I see them:% Down Payment 20.00%Down Payment $23,800 Remainder of closing costs$5,500.00 Total Due at Signing $29,300 Mortgage Rate 5.00%Length of Mortgage in years 30Monthly Mortgage payment $511.05 Taxes $135.25 Sewer and Water $- Trash $- Heat/Utilities $- HOA $- Cap Ex and Ops $150.00 Insurance $65.42 Mgmt Fee $103.50 Vacancy $93.15 Total Expenses$1,058.37Total Revenue $1,150.00 Cashflow/month $91.63 Cashflow/year $1,099.55 Cash on Cash Return 3.75%

Man im intersted to see if any one has a better idea than me but just figure a cap rate you like.  

This is also how I would sell him on the deal.Estimated Minimum Closing Costs $5,500.00Estimated Closing Costs Based on Prop Value $5,500.00 Repairs/Construction $10,000Total Loan with Seller Concessions $100,000.00 % Down Payment 20.00%Down Payment $20,000 Remainder of closing costs $15,500.00 (this assumes you are paying for the renovations out of pocket)Total Due at Signing $35,500 Mortgage Rate 4.75%Length of Mortgage in years 30Monthly Mortgage payment $417.32 Taxes $100.00 Sewer and Water $- Trash $- Heat/Utilities $- HOA $30.00 Cap Ex and Ops $150.00 (this is your future roof replacement, hot water tanks and other major items)Insurance $250.00 Mgmt Fee $140.00 Vacancy $113.40 Total Expenses $1,200.72Total Revenue $1,400.00 Cashflow/month $199.28Cash on Cash Return 6.74%

The quality of the renovation, what features are needed.  

If you're going to flip the property, then the attractiveness of the home would come more into play, as well as it's features compared to the competition of other homes in the area (as you mentioned, lack of curb appeal, lake frontage, size, inconvenient commute).