You can also try to flip smaller unit like maybe a condo or a mobile home where you also own the land.

In a market like KC your $300,000 would get you a $1.2mm purcahse which would be 10-15 units depending on the class and location (could be a bit more or a bit less).

That could be as simple as changing the description to highlight how close your units are to the refinery as opposed to just the college.

For just one unit, we charge 100% of 1st month for self-managers and 50% + 10% for us to manage.

If the home is 100 yrs old, I'm assuming it's a definite gut which is going to require new plumbing, electrical, heating, cosmetics.I spent about $140K reno on my multi family in the heights on NY ave and there were massive problems with it but it was a gut to 3 units & adding 2 bathrooms, 3 brand new kitchens 4 bathroom reno in total, all new flooring, sheetrock , insulation, framing, doors, electrical, plumbing, paint, parts of roof etc.

When you say multi-family, are you thinking of buying a 2-4 unit?

Is it wise to buy some units with high cash flow and low appreciation, and others with lower cash flow but high appreciation to diversify my portfolio?  

Thanks for the replies - going to try a different number first, then I'll be at my property this afternoon to work on my empty unit so I can try knocking on the door myself.locally we have a 5 day notice for non-payment as well, I'm definitely trying to stay ahead of the curve on my local regulations, great call-out!.

I maxed out my conventional rental loans when I had around 20 units, and that was basically hellish. 

I beg them not to beat the **** out of the house.. they could do whatever they want to the suspect preferably send in a Canine unit  Yeah, go into a house that's had someone decomposing in it for a few weeks and you find out what real putrid smells are!