If I leveraged them for 50%, my mortgage(s) would cut cash flow in half and while I could buy more, but it seems like my cashflow isn't as great as if I left it at two.

Is there some rule of thumb regarding how much one should spend on a rehab? 

Not everyone want to live in a building with 50 other tenants.

I'm just wondering what some people's rules of thumbs in the region are for like flipping or rents.Bigger Pocket guidelines are usually like 70% rule of thumb for flipping and 2% test for BRRR.The Bay is kind of a special child, so was wondering what kind of numbers people look for here?

The more you have the more you can lend...the old "it takes money to make money rule" BUT...if you borrow OPM and lend it out then you can use theirs to make the spread.

If you accidentally take out too much, no rule says you can't pay a mortgage balance down during a refinance. 

We have kept a few and add them to our portfolio of foreclosures and estates that we acquired through normal purchase at 50 cents on dollar - I'm a bargain hunter!  

We purchase multis in the 10-50 unit range.

It appears the units are below market, however with some cosmetic repairs and perhaps some capex's I feel I could increase the rent by at minimum (based on local comps) 68%.I would offer 85% of list and estimated $20,000 in repairs/upgrades (this is probably a generous estimate - the property appears to be in good shape, basically needs a face lift).With all these figures, including the 50% rule, financing with 20% down @ 3.5%, I come out to a profit of $262 per unit and a cash-on-cash return of 9.53%.So, does this seems reasonable?

We also knowingly gave up a critical backup exit strategy due to HOA rules, and then needed them when we were having a hard time selling.