I'm also at the point where, in my market, I'm not afraid to buy unseen with an inspection contingency, so I can make offers without getting into the property if I have decent photos and can't get a showing.

My debt is in place, management is in-place, off-market deal lined up.... it's all ready, now I am just raising the cash from my close inner-circle.Rents are decent, fairly close to 1% already (I'll hit 1% after raising rents).

Buy a decent little single family or small multi-family for 0-5% down using conventional, FHA, VA, or USDA loan options that allow for little down. 

You wouldn't be financing the reno money, but as long as it could still appraise for $440k, you would be able to use the money saved from the lower down payment to go towards the reno.While I am definitely able apply for a convention loan, as a touring musician during COVID and one that writes off much of my income through my corporation, my tax returns leave me out of the running for a decent conventional loan.

yup to both the above...this is one of the ways to get a decent deal even in a hot market.

My former tenant would ideally like to purchase the property himself once its been brought up to date by the buyer who is a rehabber of decent reputation in our area.

I have been trying to follow the market for a few months in the area (both property prices as well as rent costs), and is $450-$500 per room in a duplex the average rent in a decent area to run my numbers with?

And at that point you're probably cash flowing pretty decently. 

Louis, came across a deal on a older brick house (~1938) in decent condition except that it has no Central AC.

I think the best way to get a decent deal these days is to find apartments that needs a ton of work.