Typically you will see a brand new kitchen installed over old plumbing in the walls and now you can't get to it anymore. 

As we are quickly outgrowing our 2 BR and we're thinking about the future, the prospect of moving to the Long Island or Jersey burbs is really unappealing; we want to stay here and the only way I can think about doing that is with some sort of multi-family or Commercial/Residential house hack.

The amount of rehab and the area will also stipulate some needed adjustments to this and like I said, this formula (originally branded the 70% rule) is not a purchase decision or not, it is a back of the napkin quick calculation.

There can be tons of ways to structure deals.Some syndications are for properties that have zero cash flow (vacant buildings, brand new development) for a period of time but higher upside generally, others have some existing cash flow but need more stabilizing and some upside, then there are properties with full cash flow already with little to limited upside.

The place is brand new from the studs in.  

We installed new bathtubs, drywalled, installed new kitchen cabinets, windows and everything to make every apartment like a brand new house.

In my experience, homes with 3-4 BR and 3-4 FullBA are highly desired by young professionals and they will pay more, especially near a metro.

Innovative!

can still meet the 1% rule (1.5%) easily buying brand new homes off MLS if you're willing to self manage your tenants.

Stay away from the name brands Allstate, State Farm, Farmers, etc. they can do it but since they dont specialize in it they charge insane prices.