@Justin Goodin
I will have to concur more with @Robert Rixer. The comparison is a bit misleading on the OP.
I started with SFRs and moved to multifamily. I will likely go back to SFRs if the opportunity is there. And back and forth again as needed. They are both have their merits and downfalls.
Here is the simple truth, it would take roughly the same amount of rentals, with a few exceptions. One multifamily building with 20 rental units should achieve roughly the same as 20 SFRs. I use that number because that would seem to be the bench mark for FI from W2 for many people, with basic life styles. Double that to 40, either SFRs or unit counts in multifamily, and it should cover most people's FI number for comfortable living standards. If those numbers do not fit FIs, then it is likely bad investing strategies or one has an unrealistic outlook on living standards.
The example takes into account to average cash flow of $200-300 per rental. At 20, that would equal to $4000-6000. At 40, that would equal $8000-12000. Those are some comfortable living standards for most people.
As for capex events, they are not too far off. Rental units within multifamily buildings with have individual A/Cs, heaters, and boilers. There are some exceptions on the boiler. Thus, these things go out and cost similar to SFRs.
In essence, when comparing the same number of rentals, regardless of type, would yield about the same fluctuations in rent. The advantages of SFRs is the quicker ability to partially liquidate. That advantage can translate into quicker growth or plugging holes during recessions by isolating and eliminating low performers or paying off higher grade individuals. That cannot be done with multifamily. The advantage of multifamily is the better control of valuation by the owner and the ease of operations since it's all localized.
There are much more nuances, but thats the most apparent.
Just my 0.02
