Feeling overwhelmed

[David S.]

I am a new investor, but seriously dedicated to improving my financial position through real estate investing. I will be buying a property this year, and was aiming for something before June - but I have hit a bit of analysis paralysis, and generally feeling overwhelmed. I'm just not sure what path to take. I think small multi-families are the best idea for me, and I plan to self manage. I've read three RE books in the past 3 weeks, and working on another. Trying to cram as much info as I can into my head, while also spending time researching market prices on properties, rents, and people to work with.

I've got a few properties I've been considering, but just don't know what to do. 

There's a duplex in a maybe B- neighborhood. 3/1,2/1, with $2k in rent selling for $135. Thinking motivated sellers, as they dropped the price 4 times since November. But it is owned by an investment LLC, so not sure why they're selling.

Another close by is same BR and bth, $2050 rents and $115 asking. It was sold in 2013 for...I think $135, then relisted 6 months later for $150. After a walkthrough it looks ok, but has uneven floors, which makes me wary of structural issues. Had an offer fall through already, though don't know why.  Would be great cap rate though.

There's another that I love the house, but not sure on the deal. REO, $110. It's been on market a long time, and dropped from $179. Gorgeous house, large triplex. Needs work obviously - lots of cosmetics, maybe some minor water damage and work on the radiator system. Looks like walls were torn open in each bath to get to the water pipes, but don't know why. Figure I could get $2500+ in rent, but the holding costs could kill me - plus, would need to find a private money lender for financing, because I could not cover downpayment, holding costs, and rehab costs - and no conventional loan will cover a non-owner occupied prop. Could be a great house with great cash flow, but for my 1st investment seems like a huge amount of effort - including making sure the city is happy that it's livable when done.

Then just on Friday two duplexes went on the MLS 2 miles from my house - instead of 20 like the others. Cap rates are way lower. $1850 rent for $167 asking. I think those rents are low for the market, thinking maybe $1975-2050, but not seeing many rental comps available nearby. It would be really nice to have something 5 minutes away instead of 30 minutes(or more if traffic or construction). But not seeing the deal there without lower prices and higher rent. Comps for the sale price show it being pretty accurate - $154 on the low end a year ago, $171 a few months ago, and $165 in January.

Then the last - five plex 30+ minutes away. This would be a stretch, but seems like a good deal. $325, owner is offering financing with 10% down, claiming NOI of 31k and 9.6% cap rate.

I'm also seeing cap rates for the others no better than 8-8.5%, and most lower, like 5%. Maybe I'm over estimating some costs - budgeting for $6200/year for maintenance and CapEx.

Trying to wrap my head around home prices, rent prices, and just all the different deals I could attempt is frustrating me. I also have so much to learn about landlording - local laws requiring classes, etc.