I paid 150,000 for it and think that my $40,000 budget Will be sufficient to get it looking amazing.

Buyer has examined the Premises and is relying solely upon such examination with respect to the condition, character and size of the land, improvements and fixtures, if any, constituting the Premises.At Buyer's own cost and expense, Buyer shall obtain and maintain in full force and effect at all times during the continuance of this Contract: (a) comprehensive liability insurance for bodily injury or death to any person or persons, and property damage insurance, in such amounts as Seller reasonably deems necessary; and (b) fire and extended coverage insurance in an amount sufficient to prevent Seller from being a co-insured under said policy of insurance, but in no event less than the unpaid balance due under this Contract.Seller and Buyer shall both be named as insured parties in the insurance policies required above, as their interests appear, Buyer shall furnish Seller with memorandum copies of such insurance policies upon Seller's execution of this Contract.

It looks at how much they have in the bank (Reserves), how much they are saving annually and whether that is sufficient.  

This reduces costs and gives you control of a property with the absolute lease money left in the deal, giving you the opportunity to do more deals with the cash you have.4) You've mentioned the idea of getting away from your full time job so whether your analysis for a rental is correct or not, rentals may NOT be what you need to generate sufficient income to live. 

Notarized copies of birth and other records will no longer be sufficient.

Tenants who are reluctant to do this means that they probably don't have sufficient funds in their accounts.

The information we ask for has always been sufficient for us and we've not had pushback.

Understand your approach, but at the end of the day (assuming we're discussing analysis in support of a BUY vs WALK decision), in my opinion, IRR(Internal Rate of Return) is too academic and the NPV(Net Present Value) has factors one can adjust.We see lots of newbies just learning to calc cash/cash & cap rates and these are sufficient to make the go/no decision, using the K.I.S.S principle.Attempting to add IRR & NPV to the learning curve is not a requirement - - for you, it's another confirmation you're on the right track.

Although you're going to owner occupy, I suggest basing your valuation under the assumption that you're not - you want the duplex to be self sufficient.

Is 500 yellow letters to absentee owners sufficient?