Since this is my first project, I’m very open to any advice or suggestions—especially regarding potential obstacles I might not have considered.

Quote from @Brian Dolbeare: I’m considering purchasing a small multifamily property in Pittsburgh that I really like, except for one potential drawback: it has 100% street parking.In my current market, lack of off-street parking would be a significant negative, especially during winter.

Duplexes or small multifamily properties, even with value-add strategies, rarely match the potential of single-family homes in the right neighborhoods.In summary:Don’t be discouraged by low cap rates—they reflect market expectations of future growth.Focus on single-family homes with high equity potential in desirable areas.Avoid chasing the "economy of scale" myth with small multifamily properties—they often come with higher turnover and lower buyer appeal.Think long-term: prioritize properties that grow in value, even if cash flow is tight at first.

Also if you have significant wealth, using a good PM mitigates potential risk and headaches.

Evaluate potential rental properties with a keen eye on location, cash flow, and potential appreciation.

I specialize in STR & Co-living concepts, which I recommend for the highest rental income potential! 

Home is potentially upside down on mortgage (verifying that) and current owner wants too much for the house.

I’d love your input on whether this deal could appeal to investors and how best to structure it.Property Details:Worth: ~$300,000HOA: $273/month, Taxes/Insurance: ~$170/monthCurrent Rent: $1,880/month (long-term); next tenant advertised at $1,950/month.Mid-term rental potential: ~$2,400/month (I haven’t tried this, but it’s my estimate).My Financing Idea:Large down payment: ~$125,000 (This is my priority to reinvest elsewhere).Seller-financed balance: ~$175,000 at 4.25% for 30 years.Buyers take over taxes, insurance, and HOA.Questions:1.

You're on the right track to reach out for help here and also to look to your area for potential partnerships.

Richmond certainly would have some potential in pulling trades from, but coming from Lexington, you might face an added trip charge on top of the service provided.Over the past few years, rents have increased nationwide.