;)  Also in Norfolk specifically, if you contract a duplex that is vacant, confirm current zoning to see if it is conforming or non-conforming. 

We were told when purchasing that it was a legal non-conforming duplex.

Use a capitalization rate appropriate to the asset’s location, class, and product type that conforms to trending market conditions.

From what I have seen, you are looking at a rate 2%+ higher than a conforming, fixed rate.

We have a non conforming loan program for this with no job/employment/income (not even stated) however some states will not allow it like WA state for instance.What state are you in?

Yeah, here you go. https://www.fhfa.gov/DataTools/Downloads/Documents/Conforming-Loan-Limits/FullCountyLoanLimitList2018_HERA-BASED_FINAL_FLAT.PDF

Specifically your comment about non-conforming units.

Most renovations were centered around the goal of turning the house into a non-conforming duplex.Renovation work to highlight:* lower living room renovation with a partitioned wall to separate the upper and lower units* bar demo’d and converted to a second full kitchen equipped with induction stovetop and SS appliances.Now onto Househack #2!

My understanding is that a multi-unit property with an ADU is non-conforming, which means when it comes time to refinance or sell the property, you might run into some issues with appraisal, with current finance regulations.

The property I'm looking at has a total of 2 units in 2 separate structures.So, unless there is some guideline that specifie properties with 2 units in 2 structures are permitted, I think that getting this funded with a conforming product is unlikely.