The CAP rates one new construction are much lower and a lot of times builders will offer move-in specials to get higher rents than the market will support (ex. 3 months "free" rent at 1.25x market rate). 

ex. they are obviously selling it at way below the value of the property, can we benefit from this?

I am very excited for your success with appreciation @Jordan Moorhead, however in your analysis of expenses there was no mention of vacancy rate or cap ex.

I put cap ex at 1000 per door a year ball parking it so 160 a month I am not including the studio in these evaluations because I will live theremaitnance as 85 a monthvacancy of 160 a monthSo over all looks like this so far.40k downprice 158500rents 1700 monthtax and insurance 560monthcap ex 170 monthmaitnance 85 monthvacancy 160 monthall together 975 a monthsubtract that from both units rentAnd there is 725 left over enough to cover the principle and interest and leave like 100 bucks left over for my utility's and such.current owner says the coin laundry downstairs covers the water and tenants take care of there electric and suchNow just 100 left over isn't much only 1200 a year not a very good return on 40k but when I move out and instal a fire escape in the studio as I live there I can rent that for another 550. after I adjusted the numbers for the studio this deal looks really good because I am able to keep pretty much everything the studio would produce.I'd get like 6k a year and get a 25 percent cash on cash which sounds as delicious as it can get.It is in a working c class class area. on the worse side of it. that's were most of the duplexes in the area are to be honest.

My ex wife and me have been investing with NRIA for 7 years now and they have delivered on all aspects.

I think you are safe not assuming any Cap Ex for the next 4 years as it is a new build but you will want to start saving for when those do come up.

See numbers below...Purchase Price$121,000Rent$1,200Appraised Value$125,000Mortgage Balance$93,553Vacancy$100.00PITI$746.97Maintenance$50Future Cap-Ex$100PM$120Lease Fee$83.33Total Monthly Expenses$1,200Projected Cash Flow-$0.30I'm interested in possibly refinancing to reduce the mortgage payment (increase the cash flow).

She gets alimony but her ex has been delinquent recently. 

Knowledge is bullets for the gun, and by the time I get started- I'll be an ex-Green Barete sniper!

Ex: Investor Special 3 / 2 - Worth $100k $55k For Fast Sale3.