You could have two physically identical homes, one has a 6 cap and the other has a 2 cap.

We opted to make this a top-line property so we put granite countertops, SS appliances, hardwood floors and all new mechanicals, plumbing, and electrical.All 4 units have identical 2 bed 1 bath layouts but each has a slightly different color scheme in the kitchen and bathroom to appeal to different tenant interests.  

Still good all things considered.For an exactly 12 month HML, points are mathematically identical to a 1-for-1 rate bump.

I agree with @Caleb Brown--you should base the rent for each tenant on the room they're renting (in most houses, the bedrooms are not identical, and some rooms are more desirable than others). 

We own a 1 bd-1.5 bath in a college town and there are 9 other identical units in our building.

It seems like it would be a waste trying to create in a different state unless you had some grander notions of asset protection or identity secrecy.

When comparing companies, be sure you have quotes for nearly identical coverage and deductibles.5.

I am confident I can bring the value up to $360k+ using comps from some nearly identical but outdated homes within 0.5 mile. 

I purchased my personal home for $179k in 2009 and identical houses in my neighborhood have gone under contract for $237-245k in 3-5 days recently.

The basic requirements are pretty close to identical, there's just not a purchase contract or seller involved.