@Brent Coombs, thanks so much for the feedback. I appreciate it and that's one of the issues I've been struggling with regarding this. A couple months ago, I wouldn't have even considered about 400K.
I guess I should explain my motivations a bit. I'm a professor at OSU and I run a consulting business as well, working about 3-4 nights a week. I'm honestly not sure how much time I can put into renovating a duplex that I can afford. That's why I initially looked into relatively finished duplexes. Ideally, I'd buy my neighbors place. If I would have purchased it three years ago, I could have covered that mortgage and $800 of my mortgage. But he was smart, didn't want to sell and probably gained about 15% in value during that period in addition to rent. Our places are a block from the short north in one of the most popular places in the city.
A couple weeks ago, I saw a house selling for 680k with a carriage house garage that rented for $1200/month. In the areas that I'm looking at, SFRs range from 430-700k. Things are crazy around here now. The SFRs that I can find without a garage (so I can build one with an ADU) range from 450-700k. I imagine that a garage with an ADU must cost 150k to build so the difference between that and the new build isn't that much. In addition, a lot of the new builds are getting a tax abatement for 15 years in central Columbus. At first, the price tag of the new build blew my mind but once I started running the numbers, renting out part of it would cut my mortgage to close to what I am paying now.
TL;DR, I don't know if I will have enough time to renovate a multifamily home, function as a landlord for multiple units and reap the benefits of cash flow. I think I would be able to manage a built in unit. In the end, I would like to move to a property that pays me something since that will go towards monthly mortgage and equity if not major cash flow.