Your values above suggests you may be overlooking the ongoing gains made by the various investment vehicles during the continuing timeframe. 

As you will soon find, there is no common definition of a turnkey property, and it can be very risky (and expensive) to make any assumptions.The ongoing management of the property is another area of vastly different approaches to turnkey investments.

It's easy to obtain, costs very little, and doesn't require additional, on-going effort to maintain.

So I ran over there, eyeballed the rehab I would need to do on it and made a cash offer on the spot and they took it.

Now, to clarify I'd done some research in advance and purchased a binder of the properties to be auctioned off yesterday and I ran my own comps on them to determine what I thought I could sell them for on the backside of a remodel.

I ran a Quick search in my RLS for all condos in East Harlem, priced from $450k to $850k  at $850/sqft or less. 

LLC's cost money, but if you are planning on going that route the sooner you start it the more history it will have. 

Eventually I ran into @Richard D Graham on here and he's been absolutely amazing.

He stated his asking price, I ran the numbers, and agreed that it worked for both of us.

Renovations ongoing (complete as of 4/15/2021).