Luckily we are very close so we are very open to creatives approaches to maximizing this.

Honestly, this approach doesn't seem like a very effective practice, which may explain why it wasn’t working.

Your conservative approach to estimating income provides a solid buffer, and the strategic location adds a layer of security.

I recently ordered a survey on the two lots I own, and realized that I may be approaching this the wrong way. 

Two completely different loans that require different underwriting approaches. 

It may seem like my number seems high but the cap ex on the kitchen alone with 15 year life is approaching $100/month.

Focusing on B and C-class properties is a smart approach for multifamily investments, especially in a vibrant area like Austin.

What was your approach? 

You will see very quickly there are both cashflow and appreciation approaches.  

Quote from @Kristin Solbach: First time investor here that is feeling pretty stuck.. we want to get started in one way or the other with lot of different approaches and advice out there.