This will depend on the tax payers total adjusted gross income.

Our adjusted ARV is closer to $225,000, all pure equity, because of all the necessary updates that needed to be made and we already have renters waiting to sign a lease for $1435 (+$45 pet fee) which is $250 more than our original rent estimate. 

I recommend hiring a public adjuster.   

I would look on Vrbo and airbnb at other similar properties in your area to see if this is realistic.Then you have some money for maintenance and upkeep, consumables etc.I would put all this in Excel and see how the numbers look.Then you can easily adjust numbers to look at options like a remodel or full gut of the house.You mentioned a pool so you'll want to have a professional pool company maintain your pool to limit your liability on the pool chemicals being off and causing a problem for someone.

You should review a sample of an appraisal  to see what kind of adjustments inspectors tend to make in your neighborhood. 

Offer 30 year loans (fixed or adjustable), with a 5/1 arm you can maybe get a rate in the 5's w 1.5-2 points.

The construction of multi-family housing peaked during 2015 and 2016, with multi-family housing starts of 393,000/394,000 units on a seasonally adjusted annualized rate (SAAR) basis, accounting for 36/33 percent of total housing starts (1-family and multi-family) in 2015/2016.Multi-family housing starts fell to a seasonally adjusted annual rate of 320,000 in December 2018, as housing starts in the West Region declined by about half from 127,000 (SAAR) to 62,000 (SAAR).

Do an inventory of your mechanicals (HVAC, WH, etc.) and major items (roof, fence, etc.) with their associated lifetime expectancy for your region and that is your CapEx projection that you need to cover.Something like this (mine adjust automatically based on current year):

I'll adjust the numbers and see what it looks like

@Spencer Gray To your point about treasuries moving lower, it seems that pricing expectations haven't adjusted to this and thus are creating opportunities to buy deals with more favorable cap rate to cost of debt spreads.