Then just pray that their stagnant economy improves

Entering in all of the pro forma data for every multifamily property would take forever, so I am going to implement the 50% rule in order to weed out the good from the bad.  

Also, keep in mind when comparing to other properties that you'll still have to pay for the paint, flooring, and other improvements, and your time may be cheep, but you have to value it when making your decisions.

As more and more pet owners become aware of this situation and more and more doctors prescribe emotional support animals (for very valid and obvious reasons), any rules on HOAs books might become ineffective. 

My questions are: - I’m leery of using the 70% rule on my first rehab/rental opportunity.

For the "as repaired" value you will have to provide a list of improvements you plan to make.

Several investors have come in to purchase other homes (street has several other duplexes) on the street and have improved these properties as well.

The 4 property rule is only for 4 fannie/freddie loans.

The 70% rule is one we typically apply to flips, not to rentals.Also a seller isnt leaving 30% on the table.

Standard rule is deposit stays on unit until it is vacant.