What factors am I missing from the assessment described here?

I think finishing a basement is an easy value add (assuming all the other factors make sense, location, ARV, etc. ) However, if you bought the new build at the price of a similar property with a basement already finished... not sure the equity will be there unless the appreciation/inflation ride goes on...

(I expect to factor in this cost when running my numbers.) 

It really depends whether or not you want to go to school and other factors.

Not a hundred moving parts involved is one factor.

And there is no real shortage of housing when you factor in migration and desire, in fact many states have a surplus of housing.

Also, I would have to look at the cost factor in renovating to create separate units.

Buy any property and do an internal and external rehab, change all components and you have your own turnkey asset...In a syndication deal, you are holding paper and not any equity in an asset. dependent on others to operate the asset. 

@Nana QwequBanks also consider other factors like the debt coverage ratio depending on the type of loan or the type of property you’re trying to buy.

What are key factors that weight into who you chose, and why are those important?