In a 1031 exchange, the replacement property must exceed the total sales price of the property sold ($700K in your example), not just your equity portion.

After some research online, I am reading that the cost per square foot on a gut renovation of this nature in Stamford CT is anywhere from $150-$350, which is ultimately not very helpful, because at $150 per sq ft, this is a very appealing project with a total profit of ~$175K (46% ROI) and at $350 per sq ft, it very much isn't, because it would be a net loss of 83K (haha).QUESTIONS:What can I do refine my estimate a bit given that I am not allowed to a formal inspection on the property? 

I just closed a DSCR loan on a Duplex with Total Quality Lending.

Start with BiggerPockets Ultimate Beginners Guide (free).

I've been listening to a lot podcasts here and I see many young people start out in LCOL areas."

If we include investments in mortgage loans (trust deeds), real estate partnerships, REITs as well as direct property ownership, I’m at about 80%.  I guess you can say I’m all in.  While I do maintain a relatively mod...

Quote from @D'Ann Melnick: Saw this was an old question, but it came up in search - this is all part of the rent stabilization laws passed in 2024 - https://www.montgomerycountymd.gov/DHCA/Resources/Files/tena...The pet deposit cannot exceed $300 and the total amount of security deposits collected cannot exceed two month's rent.

but house hacking is the best way to get started wherever you choose.

.), could help you cash-flow while you build equity - best of both worlds.Lastly, targeting properties that have been on the market 30+ days could be a good start.

Start by deepening your understanding of CRE fundamentals, including net operating income (NOI), cap rates, and lease structures like triple net (NNN).