I always thought a large multifamily property with an on site property manager would be the idea investment but never understood how anyone could afford to do it.

From what I understood about 1031 exchanges you can buy multiple properties.

Not certain I understood your question correctly.  

If the existing written agreement has expired tenancy a 30 day notice terminating tenancy, 60 day notice if tenant has lived on the premises longer than a year. 

Getting an insurance quote of around 600/year with 2500 deductible and 1M liability insurance on premises...and structure coverage of 90k...does this sound reasonable?

You have math with no regard to risk and how you feel personally about debt.It is well understood that leverage in all most all forms increases return.However debt brings on risk in many forms.I know for many the goal is to get those homes paid for as soon as possible. 

I mean, I understood why it may be logical not to provide a dishwasher but painting the bedroom floor gray and be done with it?

I've never understood this strategy.

During the 60 day occupancy, lessor may place a sign on the premises and/or may install a lock-box and show the property during reasonable hours.

By me posing the question, whether or not you bought properties yourself, gave you an opportunity to tell the world you bought properties yourself, which helps strengthen the premise of your post.