You don't have to be a college professor to teach 4th grade addition.  

So my thought is we can build apartment grade for no more than $55-60 per sq. ft. which at those numbers leaves a TON of profit on the table...

I keep everyone I receive and constantly relocate them in my business card files according to how they do business on my personal grading scale.At times I try new handypersons out on small jobs just to see how they work and if they'll be a part of my team.

Carpet is maybe 3 years old, mine is 18 years old albeit a better grade.  

I agree that the rehab doesn't have to be much since it would be rental grade.

For anyone interested in investing in the Birmingham, Alabama metro market take a look at The Ultimate Guide to Grading Birmingham, Alabama Neighborhoods.

If it's a cheaper paneling with a fiber board base and a laminate wood surface, it won't take much moisture for it to warp- that kind of paneling isn't even supposed to be used below grade because of it's high reactivity to moisture.

The contractor grade carpet is the most affordable type of flooring.

Nick the 1st place I recommend you go to find information on the Cleveland market is The Ultimate Guide to Grading Cleveland Neighborhoods. 

If its pre sold/ tract homes, and the builder is letting the buyer make changes/up grades.