It's about equally close to Raleigh, Durham and Chapel Hill, and I've had a couple friends with families move from Raleigh to Pittsboro when they wanted a bigger house/more land while having similar commute to RTP area offices. 

Ok Stephen heres the deal i have to do the repairs and the payments are 1500 a month right now there are 2 apartment rented the first floor has to be done over complete to make it an apartment the two rents equal the 1500 the new apartment would bring in 1300 a month taxes are 5500 water an sewer are 1050 ins 2400 snow removal 500a year put  away 500a ayear for repairs the 1500 goes towards the principle theres no interest and the balloon payment in 5 years

I find it to be a logical transfer of skills and knowledge, have you found that to be the case or has it been an equally challenging approach to investing?

Assuming all other things are equal between the two properties, you may get a little less rent.  

So according to my calculations for my loans which are at 6.8% ($170k worth), I would roughly need a return on an investment of 9.44% to be equal to simply paying off my student loans, based on my tax bracket (if my investment was hit with income tax of 28%).

Definitely more hands on and not sure I want to be too hands on with a rehab on a MF...Just curious if all else was equal, would you look at triple net commercial as a better long term play.

@Alex Craig  unfortunately the cycle in these price point homes is just a rinse repeat cycle.. burnt out landlord syndrome.. local wholesaler investor snags them from out of area buyer tired of losing money.the chances are greater than 99% that htis person will never make a dime first 3 months his cash loss's will equal 3 to 4 years of cash flow so he will never catch up... and now he is stuck.. property as it sits is probably not worth more than 15k or so to a local wholesaler / low end turn key buyer... sad but true.And its why I always preach on BP buy the BEST you can buy not the cheapest.. the cheapest in the midwest markets is only appropriate for locals that own lots of these and do it for a living.. these are simply not appropriate for out of area passive investors they get killed financially .

At least if they do find out you have an illegal unit, you can offer your alteration as a possible solution and claim ignorance, vs blatantly ignoring today's rules to put in something equally illegal.

Less than 10% downLess than or equal to 12% interestLess than or equal to 5 pointsasset based with no credit check required.Thanks for any help,Ryan

All things being equal would it be a big factor in stoping someone from buying the house?