Looking at comps for studios in that area seems $900 is the top end on majority of it.Since you are putting so little down the cash on cash isn't terrible, but also note that I would not be surprised if your reno costs are higher than you expect.  

I strongly believe in routine rent increases and my tenants are not surprised when they get them, but to be clear, I don’t have 120 Tenants that are asking for a reduced rent or I would be forced to re-evaluate my market conditions.

The property i mentioned is still in play though we did get some influence from a realtor over promising and also a relatively high appraisal report which was surprising as the comps don't add up,  this property is a bit unique in that it does have the second unit. 

I also would be surprised if it took more than $2k at most to finish.

The house is fantastic - management left me somewhat surprised.

Surprisingly that has been enough to service our tenants, as each household has only one or two occupants, mostly retired.When buying appliances, I always have a conversation with a trusted appliance repair person to gather ideas. 

I’ve just had a few people express surprise that we were allowing showings so was wondering if it was not the norm.

We stayed within the budget and timeframe, no real surprises popped up, and the rehab came out excellent.

Also, keep in mind that contractors do not have x-ray vision and can't price for surprises they are not aware of.

Sometimes they surprise you by offering $200 above the market and sometimes getting even the market rent is hard.