@Sam Solomon just out of curiosity, why the desire to flip up North when you reside in beautiful FL?  

offstreet parking is a critical factor in the neighborhood.

With lower income tenants with kids, I'm sure they also want their kids to go to good schools, but that is not always the most important factor.  

The home and area are beautiful!

I love to design things and see a beautiful finished project.  

As you do, take notes, and I suggest that before you do another investment, have a plan for dealing with the taxation.In every deal I have ever done, taxation was one of the three or four decision factors for buying, selling, holding, etc.  

If not, the cost of utilities you'd need to pay should be factored into your assumptions (it'd be surprising, for example, if heat and hot water were separate for all units).

All investors leave 10% in their rehab budget for fudge factor to account for unbudgeted projects.I know several BP people that used credit cards to fund the rehab part of their investment so they were able to pay that back in a short time, but to fund the entire project on credit cards for flips is risky on top of flipping (which itself is a risky undertaking to ensure you plan properly to ensure you profit on the sale).

I have a beautiful, nicely upgraded 3 BR 2 BA condo in Palm Springs.

I'm an experienced mortgage banker ( I cover the entire island of Puerto Rico and its extensions of Vieques and Culebra, as well as the state of Florida) married to a beautiful woman from this island that after 8 glorious years in Colorado convinced me to take the leap and give life a shot on this beautiful island paradise.