Hey Ashley, I'm glad you are thinking about this and trying to lay out a plan.

@Jay Maranan just an FYI, my primary property is 5 stories, of which almost all the carpet in the units has been removed(90%)...the original flooring is beautiful oak, that was original installed over 90 years ago, however, the units that just have the carpet torn up, sanded and stained the original flooring are much louder that the units, that I lay down subfloor, underlayment foam, and new floors over the original solid wood(I know it is sinful to purists, to not refinish the original wood, but it cost more, takes longer, is louder, and less isolation of bugs, and leaves some of the earthquake retrofit hardware exposed, if I do that) ....BUT, with carpet and/or wood floors it will be noisey...that's why the 5th floor are the "PentHouse" units, since no upstairs neighbors, even though identical layout to the below units, they can demand a bit of premium, especially if your new tenant has lived in apartments before.

The vast majority of units in similar buildings with similar layouts are renting right at $825 per month.

Depending on the layout/age/condition of the house you may have the opportunity to improve the energy efficiency.

Trying to resell a home with major renovations can be difficult, no matter how well they're done something usually seems off about the floorplan, layout, etc.

Now, for the same layout and size, if you were to take away all those credits and assume the property was built in 1995, and is in a flood zone, insurance could easily be in the $10,000+ range annually.

Lay out your criteria, long-term goals and budget beforehand, and from there it'll be more clear what markets you should look into.

@Felando Merriweather oh I have I just haven't decided on the best layout and verbiage for my campaigns.

Our BRRRR advantage has been access to cheap labor, cheap capital, and being creative with our property layouts and rental arrangements. 

I'll lay out some research so you can all make your own decisions, but the short advice is: STAY AWAY!