Your goals are awesome but none of those projections will help you get to the right decision on the question you're asking - Refi or 1031.  

I know nothing about the area, but when I did a hotpads search, it seems like your rent projections are towards the outer limits.

Haha I am definetly using a jackhammer, just a good project that will also add some $$$$

I'm expecting the HVAC/water heating to be a much more significant project, as there are a lot of questions I have that I cannot answer about whether I'd need to expand the gas service or electrical, whether I can run small-duct high-velocity in the ceiling easily or possibly along the ceiling inside the unit instead of in the walls, etc.If possible, we also would like to install in-unit washers/dryers in the first and second floor units.I don't know if any of the above would require expansion of the gas or electrical service to the building, or how I would go about setting that up.

I plan to call a bunch tomorrow & stop in with our financial projections sometime this month to see what their terms are.Thanks in advance!

My question: What, if anything, is different when analyzing multifamily projects than single family homes.Thanks for your input, any guidance is greatly appreciated.

Make sure it projects the appropriate CF you require after refinancing. 

A little bit about myself; I work as an IT project manager in public service domain. 

Option 1: invest in multi family housing Pro- semi reliable income- cuts cost on my living expenditures -recession proof (can be argued)Cons- high cost start (for me at least)- first time managingOption 2: Buy land and try to negotiate a development deal Pro-huge reward -can be fast- after deal is done right, I'm hands offCon-very risky especially for intro-no expertise in this field -finding a great deal in hardOption 3: wholesalePro-great return-can be fast-not long term Con-hard to find good deals especially with a full time job -can be a nightmare project-no expertise Please correct me if I have messed up with any of my pros/cons.

Or maybe they're just tired of winters in DC :-)"Military leaders have described the Futures Command project as the Army’s most significant reorganization since 1973.