I would also have a good appraiser to an ARV apprasial so you know the numbers all work  IE land costs and build cost and then there is significant equity still there. 

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Would be too far off to assume a a rehab cost of $40k?

Quote from @Richard Hoyte: What is a good and or acceptable amount of money to have saved up before buying your first rental property I'm aware this can vary depending on the state/area but is there a rule of thumbThank you ahead of time  Hello Richard, Your down payment amount will have a lot to do with this.If you are going with the minimum downpayment of 3 - 3.5% , you'll want to have at least a total of 10% of the purchase price (to also account for closing costs) + 6 months in reserves.

This isn't a sign of weakness in the market but instead a return to normal. 4 bedrooms do rent better than 3 bedrooms particularly with the college students, even more so if that 3rd bathroom is a jack-and-jill setup. 

You’re financially protected more with more units/doors.Of course more income.Cons of larger multi family are barriers of entry costs to acquire, operate, and experience.

If there is any value, it would simply reduce the cost.

IMHO I think the draw to the Poconos is it's proximity to two monster metropolitan markets and their middle and professional class who may prefer in many cases to tone it down from places like Miami, Hawaii, Vail, or Stowe, and instead have the luxury of a 1.5-2 hour car trip to somewhere where they will save on airfare, get a good deal on their accommodations, and still have loads of fun with their families without having to deal with exorbitant vacation costs and aggravating travel arrangements. 

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Closing costs will be less with this route.