It's rather pointless trying to lead the blind if you are not a visionary (sorry).Until a property has a principal or someone with standing (capacity, powers and authority) to sell, encumber or oasis marketable title, it's pointless to plan too far ahead. 

Also check craigslist, postlets, etc for how other landlords in your neighborhood/price range are advertising. 

His phone rang off the wall. 

My actual insurance premiums range from under 1% of ARV to around 1.5% for Replacement Coverage.

It also depends on price range etc. the one bed one bath will be on the lower end of pricing in the area so I may recommend getting a realtor to do the credit checks to make sure you get a good tenant unless you are comfortable doing it on your own.

I'm Interested buying several lots ranging from 1-4 acres for a total of 12.97 acres.

An LLC can't be the trustee unless it has trust powers (most LLCs don't).

By the time I'm finished the property will fit within the comp range in that neighborhood.

Actually, it's not that meaningful in reality and it is a short term indicator, not a good long range assumption for pro-forma analysis.Then, what is a good IRR?

I'm on a large investment brokerages marketing list for Manhattan and Brooklyn and I've been receiving offerings running in the 3.5% - 4% range for four to six story walk ups some with ground floor retail.Because I'm not a buyer in these markets I've not actually analysed the markets and or market comps.You should reach out to the broker for clarification on the free market rental units.Note: I'm sure you are aware of this, but in the event your aren't the rent controlled units are nearly impossible to convert to free market.