I would caution on comparing these returns to the S&P 500.Real estate has been pretty much flat the last 2-3 years while the S&P has been on a great run.It's human nature to sell the lows and buy the tops.

A property built on stilts that had virtually no flat scape, but to make it worse the stilts had the property nearly overhanging hwy 163,  You likely can figure out this property. 

This would be a flat fee payment for the use of their license for permitting SFH.

I would bake into the price that you may have to evict them, have vacancy, have months of nonpayment.

An advisor, not affiliated with any investment house, who works on a flat fee basis would be a step in the right direction. 

and of course a lot of DSCR loans are quote with a 5 year pre-payment penalty which of course can be VERY expensive if you have a 5 year flat 5% PPP and either rates drop or market conditions are such that you would like to sell the property. 5% of 300k for example would be 15k. 

I'm in Chicago and was just curious where your 4-flat is located here?

No underlayment was needed, but the floors have to be pretty flat for an easy install. 

plus for infrastucture and that is flat NO DIRT being moved just underground and paving . sidewalks go in by each lot owner.  

By default depreciation is straight line taking a flat amount per year based on the expected life of what you are depreciating.