However, a more expensive property in the same area making the same income as another property will shield more income from taxes due to a higher allowable depreciation write off.

On a more positive note.

red,for the price you are purchasing,this must be a up and down duplex,first before considering the utilities,you first should consider ,if that is the type of tenant you will be most confortable dealing with.side by side duplexes are more desired,and a more desirable tenant to deal with.where do not get me wrong,you can still make money with a up and down.you have to be more on top of your game.also with a up and down,you are dealing with older building.and you are right by separating the utilities, because one brutal winter will kill your profit.electric heat is by far most expensive way to heat.but the best thing i can say,watch the neighborhood,you can change the building,but you are stuck with the neighborhood,and if you would not live there.it will be hard to get a good renter.and good renters will turn a bad deal into a good one,if you get the building long term.also stick to your numbers,up and down go for last then listed price.where side by sides are the opposite.good luck,if you need help ,just down the road from you in appleton

Once I gain more experience and have more free time I'd feel comfortable with a more substantial rehab.

Once you decide, sign an agency agreement with them to put your client skin in the game and I assure you, you'll have a more proactive and engaged agent partner. 

Different markets and different asset types even within multifamily may require a more aggressive or conservative approach.

@Haider Abdullah I was in the same boat as you, here's what I did.Rent a single family 2b/2b house in Northwood in Irvine, for $2800-2900/mo, which is like $7200/year less than you've listed.Save that cash and buy a house in a more affordable town (like Aliso Viejo, Lake Forest, Mission Viejo).

I was thinking of doing a 1031 exchange and buying a SFR that where I will add square footage or do a land+construction project and then 1031 into a more expensive property and rinse and repeat.

My bet too is that there are some people selling their Edmond home to get something bigger in the Oklahoma City area or just downsizing and living a more minimalist life.

I am now at the point where I rather buy a condo or small house with potential for sweat equity to live in, while I invest in OOS TK properties like memphis invest.I really don't see a way to invest in my local market unless I win the lottery, join a company that IPOs, or partner with another investor to get into a more expensive property (I would prefer to have a few investments under my belt before doing that).