It's an infill site, so the number of units is limited by parking and dimensional constraints, but it looks like we could get somewhere around 16 units in a townhouse layout or 24 units in a garden style layout.

Thanks all and excited to start this style of investing,Brian PowerView report*This link comes directly from our calculators, based on information input by the member who posted.

Environmental Phase I or Phase II, you still have to do it for coverage but worth asking

I just recently completed my first live-in-flip and my family is getting ready to live a nomadic life style for a year or more.

Perhaps this is different than the steady 7-10 cap rate you're thinking about, since these would primarily be 'opportunistic' style investments, but the tax benefits are so great, I'd say they are worth at least a look. 

I'm getting an idea of what to be aware of while repairing, but I am unaware of the aesthetic side of things such as bathroom fixtures, flooring (style/color), counter tops, etc.

Houses almost identical to it, in terms of style, layout, # of beds & baths, are going for around $140k in the same neighborhood.

It is far easier to simply be patient, adapt a frugal life style, take a second job and save the money you need to start.  

Take the time to learn investing, finances and real estate while curtailing your expenses and living a more frugal life style.

[[If you want to do more DIY, BRRRR style investing you'll need to put in a lot more ongoing legwork, but you will ideally be able to force appreciation and get more equity more quickly.