Build costs are a bit out of hand out here now so it MAY be cheaper in your neck of the woods but couldn't imagine more than 10%.  

If you're sure you could be all in for less than 800k (after renovations), this looks like a solid deal. 

FHA or VA into any property skews ROI very quickly.As far as the ROI on time goes is going to be a variable greatly dependent on personal preference, liquidity, ability to obtain financing and personal skills. e.g. if you hate dealing with tenants, have a shot credit score, don't have a lot of spare time ect.The next steps are also important, what you plan on doing in the future.If I had to blanket statement your response, I'd say go 20% down on something commercial (solid building) and get a property manager.

Also made sure rental market was solid.  

It's in a file a market do you like where there is a need for not just Rentals, but quality retail ready Rentals (that gives you a niche), The economy is solid, rents are up and vacancy is down.

We have some amazing advisors walking us through this project and have as solid of a contract as we could ask for.

That is a solid ROI, Also, you want to have an idea appreciation value in that area.

If you have a solid income with good savings, get going!

I know there's no solid, rule of thumb, but I'm curious as to everyone's thought process and strategies.

I'm looking to create a passive income stream through multi family units or single family homes.Welcome to BP mate,Toledo is the place to be :)Some awesome cashflow here in solid B class areas.We feel like kids in a candy store buying 5-10 SFR per month on average.Much success