The amount of cash flow on a home will of course be contingent on the down payment.

Whatever I do, I would need to do with a HELOC—effectively financing 100% of the property (down payment and closing financed with HELOC, rest of purchase financed with a mortgage). 

Concentrate on your development cost and keeping them down and the deal will pencil.

I also am considering buying another one but we don’t have the down payment.  

Being part Alaska Native, there was incentive where they would pay your down payment and we utilized that tool!

And hands down the #1 violators of tenants rights (I mean legit cringe stuff) are those large communities, not investors like those who make up the majority of BP. 

.- The inspections are only 5 years, but tenants are not likely to take care of them home as well as you, and refurbishing hardwood, lath and plaster, and anything else is going to be much more expensive than the typical Landlord special (white paint, and grey LVP)It will all come down to making your numbers work.

Even if you want to roll the dice, at least is a calculated risk, not a surprise down the road. 

We're considering knocking down the carport and/or putting in another ADU, ideally a 2/1, to bring our comps to 6/3.Has anyone investigated or done this recently, and have advice on the subject?  

It will teach you how to effectively manage your own property giving you the tools and guidance to be able to manage a property manager down the road.