First of all, it doesn't even meet the 1% rule (rents = 1% of the All-In price).

I'm going to practice analyzing deals based on the 70% rule for flippers.TLDR, my goals.1.

Just over the 1% rule.

Or are there rules and policies against renting new construction?

If you do want to get involved in some calculations you could try to figure out the time value of money against its current net worth with the income the home is generating.Or ignoring the complex math problems, a good rule of thumb is if you can make 10X the yearly cash flow when selling, consider offloading the property and investing in another.Cheers! 

Is there a general rule of thumb of what a lot should sell for in comparison to the home values of what it's surrounded by? 

For me, I prefer the B to C class neighborhoods up North (Vahalla, Hampton Heights, Capital Heights...etc) where I can still get the 1.5% rule in today's market, and have far less headaches.  

Plus, if you have your license, you will need to work under a real estate broker for the first four years as a minimum, and different brokers have different rules about what they are comfortable allowing you to do.

So I've heard about the 1% rule & 2% rule (or guidelines) when purchasing a rental property: the monthly rental rate should be 1%-2% of the total amount you have in the property to make it a good investment. 

We created a set of parameters or rules that made this strategy lucrative.