So there is no rehab or minimal rehab. 

One of the largest cost is going to be in bringing the lines (gas/electric/plumbing) over and of course the drains for the waste water. 

I put solar panels and a tankless water heater to minimize utilities since they are not truly split.

People tend to treat them like laundromats, where they just add as much as possible, to minimize the  amount of loads.     

Attorney cost to negotiate with HOA -$5000 upfront and hourly $300 I would say is a waste of money.

You're also only paying interest when you utilize the funds so it minimizes your interest payments vs a refinance. 

Also, I am very interested in adding a second bath upstairs and/or doing something more productive with the wasted community space connecting the stairs and upstairs BRs (ie- add a bathroom here or create a 4th BR).

They care most about your ability to close the deal and will quickly try to figure out if they're wasting their time by talking to you.  

(ideally 2 triplex or 1 quad & 1 duplex; minimal amount of properties) AND build equity.So my thoughts are, the reason Newark is not best for new investors, more relates to those with limited funds.

Further, unless you are buying at a price point under 75,000, or the rehab is minimal, you don't have much room to work with if you 20,000.