I also noticed a pattern of overinflated ARVs with renovations - run your numbers conservatively.  

Due to new tenants, and improvements I made to the building even at a conservative 8% cap rate (my purchase cap rate) the building is worth around $1.6M.

There are passive conservative real estate investments that qualify for a 1031 exchange and return in the same range plus quite a bit more when you factor in all of the Internal Rate of Return components.I always counsel folks to keep their equity and real estate investments separate. 

Skeptic investors know you have to be conservative in your rent projections and ensure resiliency in a potential downturn.

Conserves capital and allows investors with little to no cash to scale.House Hacking: Live in a multi-unit property while renting out other units to offset expenses.

She said it was a conservative amount to put away. 

Our insurance 'crisis' is real, but on the mend. 8 new carriers were approved last week, but until that settles down and we see where interest rates go this summer, I would be conservative with your numbers. 

For example, if you must make repairs after a tenant moves out, you still depreciate the rental property during the time it isn’t available for rent.Vacant rental propertyIf you hold property for rental purposes, you may be able to deduct your ordinary and necessary expenses (including depreciation) for managing, conserving, or maintaining the property while the property is vacant.

When you consider the time value of your money, these are huge advantages.Just make sure you have solid processes and conservative lending criteria.

Also I would try to net net at least 25k+ conservatively on a flip in that price range and if you cant with 99% accuracy say that then probably a pass...