My current "project" will be worth about $100-110k more than I have in it (purchase price of $180k, 70-75k rehab, ARV of $350-375k).

It would be difficult to provide a reasonable amount for annual repairs without knowing the size or unit count of the building, but I know if you had to renovate a unit or the building, the investors I work with use $120-150/sqft depending on the extension of the renovation project and how high-end finishes you would use.

Invest locally in your city is way better with 5 years projection. 

So noobs often fall into the trap of looking at just lower and lower priced neighborhoods in an effort to make the numers work.And the Rehab-R is deceptivly easy to say, but takes 3-6 months and a lot of time from the investor to design, source materials, handle paperwork and supervise the project. 

For larger projects, i.e. a few dozen units or higher, developers usually are running a financial model in excel, like a proforma to solve to Return On Cost, i.e. 6%, etc. 

Your future self will be thanking you!

Along with this, would the return metrics like ROI and IRR be based solely on the overall equity invested in the project, or would it be based on the minimum investment or each exact amount invested? 

That’s way too far in the future to try to plan for today.

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Furthermore, Intel is spending 20 Billion dollars to build two semiconductor plants, and many more great things presently and coming in the future.