We are trying to get more acquainted with deals in the size range of 10-60 units.

I would look into a mid-sized market and purchase a Turnkey so everything is done for you by the Turnkey Provider. 

My business partner and I are both newbies, but he can bring substantial funds to the table such that buying a larger apartment complex could be possible (upwards of a $1MM purchase price). We were under contract on a...

If vacancy is not an issue and there is a good rental market there for this size of house then it's a deal. 

So if 18 a foot is being collected for your tenant and box size and market is 12 then there is a problem.

They were cobbed up in the past by a previous owner so I like to take the unit size and layout into consideration since I believe that helps foster long term tenancy.

I consider Lehigh Valley to be a secondary market --- no where close to Philadelphia/Pittsburgh in terms of size but clearly bigger than the other tertiary markets (e.g.

It is mostly based on BR count and size/type of yard. 

Tenants might prefer a concrete building, but probably won't pay 40% more for the same size apartment. 

Do not use % allocation for CapEx because CapEx does not change with value of property (it will change based on size of property however so need to consider that aspect)Maintenance - I typically bake this into CapEx costs which puts the total closer to around $225 for a 1,500 sqf SFR (also dependent on quality of property, upfront rehabbing, etc.).