Mind boggling to me for sure... 

This makes no sense to me but there was another problem with the deal that made it unworkable so I backed out.

The interesting thing, at least to me, is that new housing (what little there is of it) is almost all modular construction.

Sounds promising to me then.

So this is happening here:  http://www.wweek.com/news/city/2018/05/08/portland...As a landlord who does her own repairs, this is terrifying to me. 

It sounds to me like you're overthinking it.

Besides windows, I didn't see anything that yells out to me that would be a huge expense right away.Between the two houses it's 5 2 bedrooms and 5 1 bedrooms, I don't have the numbers in front of me but he said he's getting between $300 and $600 per unit (most being closer to $300). 

Value add to me are items that will actually raise rent or lower expenses that ultimately raise the NOI.- Reducing utility expenses through either separating meters or if you can’t, convert all fixtures to low flow.

Dan O'Neill It seems high to me, but I’m not in your market.

Partnering with those who have little experience or liquidity seems a lot riskier to me.