@Ken Collins I haven't run your numbers but focused on the language in your post.  

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@Andy Collins : Thanks for responding to my post so quickly !!

Do you know if this is the case in Dallas, Collin and/or Rockwall counties?

In Colorado it is I-25 Fort Collins, Denver and subs, Colorado springs, Pueblo.

I live in the Northern Colorado Fort Collins / Greeley area.

Originally posted by @JOAN DICKIE:I second @Matthew Paul ,  That would be my first question also! 

I just did a search on realtor dot com and searched collin county tx and set search for multifamily only and there are 31 multi-family on the mls right now.

I agree with @Jason Collins  in regards to the percentage to put aside for marketing and  having reserves when it comes to owning a rental.

Depending on your strategy (long-term hold, versus mid-term or shorter-term to 1031 exchange), you may get some extra juice for a few years.By the way, you live in Collin County, and they tend not to give on values.