There is some updates that need to be taken care of like flooring and paint to get top value based on other sales in the neighborhood in the 170-175k range.

You have to carefully think what you will do in the case. 

I would be careful trying to bill back water on a small multifamily property as well.

My biggest concern is not being within driving distance to a property and not being able to take care of problems if I need to be there.

No matter what happens to the value it's going to cost you a lot to hold plus any repairs.If the price goes up 200k who cares about the holding cost.If the price goes down 200k because we are at the top of another bubble you will either have to keep paying for a long time or take a huge loss.I hope and feel like the current price increases we are seeing are natural growth.

Careful about just taking out a HELOC without a plan in place to repay the funds, as interest rates are rising and likely will shoot up 2 more times before the end of the year.

Obviously, there are less home buyers buying fourplexes rather than SFR or duplexes, but I'm not sure why the bank cares as long as it counts as a comparable unit.I'm not trying to sound contradictory, I just still haven't fully understood the distinction yet.  

Be careful with these portfoliosMany of the portfolios that I have looked at have had many properties in very bad neighborhoods while only having a few properties in an area that I would actually like to buy and hold.Make sure that you know the neighborhood and where all the properties are located. 

Try it out, if someone is motivated enough and you have their solution, all they will care about is their situation.

Even by his calculation, you may need to account for more as you may be in the red after two turns and they may come faster than you think.You just have to be very, very careful with how you are viewing a cheap investment like this.Keep in mind that everything is more expensive these days.