This seemed to be consistent with what I’ve seen so far.

You should really start small and learn with the small stuff before you go and buy 30 unit apartment building.For multifamily you really have to look at how the property has performed in the past and use those financials to make future assumptions of the cash flow on the property. 

But I believe if the market here stays consistent my ARV should be $425-$445. 

I wonder if it was open fraud or if their projects just didn't perform and they we're trying to rescue their deals by pouring more money into them. 

Multifamily are typically produce better cash flow but a good deal on a SFH can out perform a multi. 

I would challenge that you can really sustain $150K a year consistently without a few years of actual records. 

There is a risk involved in getting the property up to proforma performance.

I continue to adjust and modify this spreadsheet, but it has remained fairly consistent over the past 3 years.

I know you have it in the calculator to wait 12 months but you may be able to do it after 8 (2 months for the renovations you were planning and 6 months of consistent rent).

(Just kidding it's one of my best performers).