I have no idea what the average unit size, or bed/bath numbers are like in your market, though.I may have given you too much information so below you will find a quick pro/con list.Pro: lived for freegained landlord experiencegained rehab/flip experince (from a hands on, and Project Management perspective)have a great rental when I move out ( I will cash flow over $150 a door after accounting for PITI, maintenance, vacancy, and Property management when I leave)It is less than 5 miles to workClose to economic anchors (community college, military base, and downtown OKC) Cons:  Not the best town in the OKC metro (the street is safe, and so is the town, just not my forever area).           

Now I'm starting to finally take action and am hoping to learn from the BiggerPockets online community as my partner and I take on this new journey.If you're in the VA Beach/Norfolk/Chesapeake area investor and need an extra hand painting walls at your rental place, need help with a project, or would like to pawn off some of your paperwork - I'm your person. 

Once you go a few years out it becomes hard to project as there are too many factors that play into it.

Also, we wish to hire a construction project manager for 10.00 an hour like they do out in California.  

If your end goal is to get the 10k difference from your projected ARV comps, I would go over the motion and figure out the COC return/ cash flow of the property.

I'm currently a project manager at an engineering firm.

At certain times on critical projects, we're not above dropping the pen and just asking the tenant what they want. 

Of course it's based on projections, so it depends on how well you understand that market.Keep in mind, what you're talking about doing is a business, so you need to think it through like you would a business.

Lenders will project , using a local appraiser , what future rents will be based on similar area properties even if building is vacant and not livable.

A couple probably novice questions:Are the number of units permanently declared at 5 although the project isn't completed?