A quick rule of thumb to figure out if the rent to earnings ratio is 1/3.

Buy and hold, hard to find 1% rule, best way to make money seems to be the rehab. 

It might help you sell the house since you can indicate that it has been upgraded.I would do what is necessary but not go overboard.If you have galvanized, replacing the water line from the street to the house makes a hug improvement on water pressure as galvanized will rust and restrict the flow of water over time.I believable you just need to have working plumbing with good water pressure for the appraisal.I would be more worried about plumbing issues or old piping showing up on a buyers inspection than it affecting an appraisal.

I know in NY there are certain rules utility companies must follow, there could be similar rules by you.

Would it be a good idea to get a hard money loan to rehab a house then refinance into a first time home buyer mortgage program, even if that's possible,  I'm not too sure with the rules and regulations.

Takoma Park has a concentration of them, but they have incredibly restrictive rent control.

Tentatively estimate (for convenience) the 50% rule for expenses.

There are ordering rules to all the accounts for distributions.

Meaning following all the rules re: tax implications, etc.

I’m jumping ship, if you find me I’ll sell.I would advise against restricting my list too much to start, or learning too much.