If you advertise that a tenant must make $2,700 gross, then you excluded a retiree on $2,200 a month who may have sufficient savings, or another retirement income that will pay out in 6 months or a young couple where dad will co-sign the lease! 

His phone rang off the wall. 

My actual insurance premiums range from under 1% of ARV to around 1.5% for Replacement Coverage.

It also depends on price range etc. the one bed one bath will be on the lower end of pricing in the area so I may recommend getting a realtor to do the credit checks to make sure you get a good tenant unless you are comfortable doing it on your own.

Another lesson learned here is to make sure that the security deposit is a sufficient amount (many get a full month's rent) and have it stated in writing that the security deposit is non-refundable, but gets converted to a refundable type once certain conditions are met.  

I'm Interested buying several lots ranging from 1-4 acres for a total of 12.97 acres.

By the time I'm finished the property will fit within the comp range in that neighborhood.

Actually, it's not that meaningful in reality and it is a short term indicator, not a good long range assumption for pro-forma analysis.Then, what is a good IRR?

I'm on a large investment brokerages marketing list for Manhattan and Brooklyn and I've been receiving offerings running in the 3.5% - 4% range for four to six story walk ups some with ground floor retail.Because I'm not a buyer in these markets I've not actually analysed the markets and or market comps.You should reach out to the broker for clarification on the free market rental units.Note: I'm sure you are aware of this, but in the event your aren't the rent controlled units are nearly impossible to convert to free market.

I always figured it was out of my price range...will be checking it out for sure now though.