What you need to do is find an appraiser or real estate agent that has access to actual data on properties, knows the local markets can compare the square footage, finishes, types of construction, lot sizes, property ages, neighborhoods, etc. of varying properties.

Rents for the units vary from $1100 to $1300 or more per month.I am considering a hard money loan to pick up the property and rehab, then refinance with a traditional loan taking advantage of the spread in the ARV.Does this sound logical?

My first thought was multi-family as well, but even that option varies widely depending on the area you're looking to live/invest. 

I know each state's RUB calculation varies but I'm just trying to get a general ballpark.  

Unlike conventional loans, these will be as varied as fingerprints.You sound very experienced (and conservative).

it varies by jurisdiction - CT is incredible - no requirements at all to be a Home Contractor - just pay the $200 and you are on - but a homeowner may get the permits if they wish or if they do not have a contractor.

$130k with varied comps around $227k approx $50k rehab.

This can vary wildly in neighboring towns that look superficially similar.A good general rule of thumb in old mill towns in NH or Central Mass (which is where I grew up, there and Boston.)  

My wife calls them therapy houses that I can work frustration off in by tearing out walls. 

How much profit varies depending on each project.