Considering 2nd property - would love honest feedback

[Brent Rogers]

Like others on here I am finding the SF market to be tough right now.  I am a newbie who got started last year but have seen the deals dissapear quickly in 9 months.  I look in 4 - 5 cities within five hours of me.  My first deal is turning out to be awesome with almost 10k per year cash flow and 18% cash on cash return.  It is 3 hours away but I have great property management near a major state university.  However I have been unable to find anything close to this in 9 months of searching.  It is somewhat comforting to see the more experienced buy and hold investors having the same problem.  I want to remain disciplined and not buy just because I want another property.  I have precious cash to make a few deals but want to use it wisely.

Anyway here is the deal I am considering:

Home in historic and trendy area of mid sized southern city where I live.  House built in 1920 but seems to be in good shape and well maintained.  However the unique feature (and I don't know if this is a positive or negative) is it has two kitchens.  It once was a duplex (2BR / 1BA down and 2 BR/1.5 BA main level) with a kitchen on each level.  Each floor has seperate entrance but it's all on one HVAC / water and indoor stairs connecting.  It is currently used as a rental by previous owner who no longer wants to be a landlord.  It is not on market and is being sold by owner.  Verbal agreement on price at 140k with current rent at 1600/month.  Current tenants leave in a few months.  I think it will take about 5k in improvements to continue as a rental.  If I manage myself I think it wil cash flow well but not as strong as property one.  My biggest concern is the tenant profile for this place given the two kitchens.  It is near a small college and the area is popular with working millenials as well as college students and staff.  Renovated houses move quickly in this area if priced right and a handful of flippers seem to very active renovating the area.  Where I am going with this is I can't decide if I should look at this solely as a rental or consider the flip possibility.  If flipped I would remove one kitchen and upgrade the other making it more attractive to a family.  The bathrooms are already renovated.  If I flipped the math would be 140k purchase, 20-25k renovations, sell price around 200-210k.  I would also have realtor and holding costs of course.

My tprimary thinking is buy and hold as a rental.  If renting becomes tough down the road convert to single kitchen and sell as single family.

Opinions?