If third party, typical management fee is 10% and leasing commissions range, but commonly 1 mo rent for new leases and 1/2 mo rent for renewals.  

Also there's a lot more inventory now than there was when I was looking for this property, I think there are more coming up that look like they're at least close to being deals, at least relative to the previous year.

In both cases, generally, most of the cost would be capitalized as either inventories or building/improvements, so you wouldn't need multiple COA. 

This limits you to the East side of Worcester and there isn't much inventory. 

The problem is the FHA loan limits (~$1.2M and $1.5M respectively for a 3 and 4 family) and my available cash put these properties out of my price range (prices range from $1.3 - $1.8 in the areas I am looking at). 

Southern side of Cape Coral is easily seeing most lots in the $50,000+ range, whereas the Northern side could still be as low as $8,000

So I'm thinking that the total will be in the mid-20 range.

Your in the 40 inch range.  5.5 acres, I would budget about $15,000.7. 

The loan will end up being in the 900k-1m range.

Then the ADR you can do the same with analyzing comps for low-mid-high assumptions and create a range there too.