I could also do more value-add like fresh paint, professional photos, etc to raise the rent in a 2/2 situation where in a 1/1 I think it would be much less likely.

Me being a fresh wholesaler, and this being my first potential deal has left me stuck.

I like you just fine, you have just said some presumptuous things.You asked a question that actually gets asked quite occasionally on here (usually by fresh out college folks ;-) and it's a fair question.

The best way to explaining this is for you to download an IRR calculator spreadsheet or build your own simple one and play around with one.For what its worth most deals I deem meeting minimal IRR standards is 13-15% but you have to dig a little deeper to uncover the real placements of cashflows and capitalization events... and then dig even deeper to verify the assumptions such as occupancy, rent increases per year, and what reversion cap rate was used.Again I don't look for IRR cause its manipulated a lot instead I look at total return on a 5 year basis.

. :)It is indeed generating profit, however, what is truly drawing me in is the ability to pretty much start fresh.

Alternatively, you can install and HRV in each unit which will cost more, but will provide better fresh air distribution and stale air removal while pre-heating/cooling the make-up air being brought into the unit.    

Even using month-to-month leases, I've had tenants 6-8 yrs residence.There's a lot of assumptions here on BP, but the facts (at least re my MFU facts) relate a different reality - - MFUs  with good NOI sell better that fresh baked bread.

Have you uncovered additional resources for Prefab or Modular units?

Though the best returns obviously come from keeping the unit conditions fresh and modern.

That's why typically most deals will sell the property and then the investor can move into a new property where they can get fresh depreciation.