And yep, in F'ville or very close by. 

I was their best option.

ARV on a house hack that you are buying with a conventional conforming loan really isn't very important!

If you decide to move forward, best of luck to you.

i wouldn't tell you where you should move since i don't know you.also, a lender would be in the best position to advise whether you qualify for a specific loan. 

Turn around and put $300k back on primary residence mortgage and use the remaining $300K to finance the next house.  

My guess solely looking at your numbers is that it's an older/distressed property which means you have to account for more costs in capex. 2nd thought being it's not in the best of neighborhood then you'd have to take into consideration lower quality tenants/ neighbors and maybe increase expected vacancy and late payments.

I think that 1031 investors are savvy investors who recognize that it's not very realistic to think that you should be able to sell your property for top dollar and buy your replacement property from the bargain bin.  

I think most of us do, but the problem that I've discovered with 15% down programs over the past couple of years is the balance between the cost of the home and the rent it can garner.

Anyone investors have any suggestions on the systems they use.