-Located near 2 major hospitals and 3 Universities -Original Rehab included 100% new bathroom, 100% new plumbing in the house, electrical updates, all new flooring, all new paint, and the addition of one new wall to create a "true" 3rd BR.

My hang up is, based on the location, how much I will be able to raise rents.

It's a really good move, if you can maximize the efficient deployment of that capital.

They already have relationships with trusted contractors, leasing agents, and some have property management in-house.BRRRR can be a good choice, but it all depends on how much time you have to dedicate to the project, and how far away you are located.

@Wayne Brooks agreed location of the property does change the outcome a lot.  

They are affordable, with a deep staff, two locations, great customer service and an attention to detail.

I have done done of my own research and found that the numbers here make sense if you get it in the right location.

Thanks for the advice @Jim Wilcox  The small multi family is located in Covington, Kentucky. 

    (3.5 percent down FHA) is only ~15k   and 55K could be deployed elsewhere.that said, even if you dont live there... 

Driving for dollars... drive around the neighborhood and look for homes that are vacant and use skip tracing services to locate the owner.