Its proximity to a desirable gated development increases its attractiveness.

For the rent controlled units, I expected the market rent to hit the rent increase limit. 

If you are swapping kitchen cabinets the cost will probably be increased the most by the number and  type of cabinets.

This means you are increasing your net worth faster than if you go to a less expensive area. 

If you increase that to 250-300k then you can definitely pick up some solid rentals around Houston. 

Taking into consideration the WC,GL and him most likely getting the subs and materials cheaper than me definitely make it worth it.When you speak of turnkey GC's are you speaking of GC's that handle everything basically from start to finish and charge you their 10-15% fee at the end?

Needs $80k worth or work and would end up with an ARV of $250k.

Your time is worth more than the time it takes to calculate the interest. 

@Wencheur Antoin, additional real estate sales books worth considering/reading, "SOLD" and "SKILL" by David Greene, "Fanatical Prospecting" by Jeb Blount, "Ninja Selling" by Larry Kendall, "Never Split The Difference" by Christopher Voss, "Pitch Anything" by Oren Klaff, and "The One Thing" by Gary Keller.

Or rolling that profit into another property(s) to obtain more rental properties to increase monthly income?