@Bradley Bogdan “Richmond doesn't strike me as an area that is constrained by a lack of physical space to build, or environmental conditions that prevent building additional units.”The constraint here is often artificial because of environmental and politically motivated laws that make building difficult; lower supply = higher prices.

The exception is if you see some artificial factor you should adjust accordingly.

@Darcy Maiangowi, sorry, but I'm never impressed with (similar) fake "seller credit" mumbo jumbo which artificially inflates documented sale prices, leading to skewed statistics, open to abuse! 

Low cap rate, low CoC return, expenses seem artificially low (5% management?)

Banks are very aggressive about artificially induced (meaning fix up not time) equity.  

Many times investors won't include the Cap X which will give them an artificial ROI.As for which one is better, that's based on what your goals are.

I do not believe in investing in artificially generate cash flow and calling it "positive".

This is one nuance to fha 203k that you must have 2.25% equity, aka what we explained above, prior to starting the 203k rehab loan.Like I also mentioned the equity could be there or you could bring in cash to pay down the current loan to 97.75% or 97,750 in this example as well to artificially create the equity position.The reason you may want to go with 203k is because you can still borrow up to 96.5% of the after repair value on a fourplex while on home style renovation financing your LTV or max loan amount is a lot lower 85 duplex down to 75% with a fourplex as an owner occupant.However having a lower LTV could be seen as forced discipline to make sure you don’t over leverage yourself as well.

We renovated the heck out of it-brand new carpet, new porcelain tile and laminate flooring downstairs, epoxied the garage floor, new countertops, sink, pull down faucet, glass backsplash, new paint entire house, all new baseboards, added crown molding, and artificial turf and hard scaping front and back yard.

I suspect these may be junior liens or HOA's Or they are just so artificially low as to crate a bidding frenzy..which is kind of soup de jour these days.. start asking price so far below market you get 50 bidders and sale price goes for higher than market once everyone is in a frenzy