So I begin graduate school this May and rent near my school is pretty expensive.

You actually get paid for it via the lack of expense so its more capital gain "profit." 

And later on, take advantage of the 1.1 acres and put up Yurt/ Dome / Tiny house etc as a glamping setup.Pictures:The 3d model Front view ( The barn with loft)Right view (Barn, Kitchen and .. the back part I lovingly call, the pizza) == also, what i plan to do with it.back view ...Current view and the Planned renovation viewThe left side view Location:115 miles from NYC ( 140 minutes)12 miles from Woodstock and Hunter ski mountain. ( 25 mins)8 miles to HITs Saugerties (15 mins)25 minutes to Hudson.The cities I have just mentioned are the TOP Airbnb locations in Hudson Valley/ Catskills as listed below. ( I wrote a scraper program to get all the Airbnb data) city Total number of homes on airbnb Total number_of_reviews average number of reviews Woodstock 141 7720 54.75177305 Hudson 142 6636 46.73239437 Phoenicia 57 3458 60.66666667 Saugerties 125 2983 23.864 New Paltz 66 2237 33.89393939 Beacon 54 1860 34.44444444 Catskill 45 1761 39.13333333 Hunter 79 1445 18.29113924 Rhinebeck 48 1413 29.4375 Kingston 62 1380 22.25806452 Kerhonkson 32 1293 40.40625 Accord 29 1275 43.96551724 High Falls 20 1122 56.1 Tivoli 14 940 67.14285714 Olivebridge 13 886 68.15384615 Rosendale 16 834 52.125 Cold Spring 19 813 42.78947368 Athens 11 803 73 Mount Tremper 23 762 33.13043478 Stone Ridge 17 742 43.64705882 Windham 60 740 12.33333333 Germantown 34 718 21.11764706

The luxury SF rental market segment is much smaller than the apartment market, but you need to know how long it takes on average. 

I believe market to be 1100-1250 average.

In today’s high rate market, 1% ratios do not cash flow at high LTV in most markets.   50% expense ratio $2550. 80% financed at 7% (OP indicated and does not include the plumbing) P&i $3,332/minth. $5100 - $2550 - $3332 = -$782/month after achieving market rent.  

This is important to me since construction is super expensive here in CA, and I have a bunch of other 1031 properties I could sell to convert into the newly constructed property to reduce the loan burden after.  

This seems crazy expensive to me. 

All these things I am telling you not to do, are hard, expensive, time-consuming and they anger and upset people, not to mention that a lot of those tactics are becoming illegal.I am here to tell you, show you and prove to you that you do not have to nor should you do these things.My wholesale deals trump most of y'alls elaborate high-risk flipping profits, while:I don't low-ball anyone,I don't lie to anyone,I don't trick anyone,I don't spend a cent on marketingI don't lift a finger on marketing.I don't chase anyone.I simply tell them exactly what I am going to do, 100% transparency.Now here is some actual concrete proof: ($128,816.06) for one wholesale deal.I am not selling you anything.

You will want to make sure you are not over improving them because they will likely get more wear and tear than an average house, but to code, very clean, and safe!