Maybe I was looking at the situation from a purely optimistic view but from what I can tell there are many recent graduates and young families who move into the area every year in the spring-time as well.

The water use is purely indoors from kitchen, 4 bathrooms, and laundry.

If you don't want roommates, you may consider a "live in flip" where you fix as you live there, then after 2 years sell tax free or cash out refi the down payment on your next place and turn it into a pure rental. 

But, that's purely up to you.Have you picked up J Scott's book "The Book on Estimating Rehab Costs "?  

If you've got that believable reason and truly intend to owner occupy, 85% LTV duplex, 80% LTV 3-4 unit.If you're getting a pure "investment property" mortgage, 75% LTV.If you don't fit into any of those boxes, time to look at portfolio products if you want the property.

In this scenario I may even consider switching to a purely capital building mode as many if not most think we are at or close to the top of the market. 

That said, if you're looking at it purely as an investment, there are many other better places to park that much money.

No, unless it is purely a speculative appreciation play.  

This just purely and simply isn't the case.Tons of people buy guns and they collect dust and are never used.

The use of the word "private" in lending is pure marketing and is not correct for a lender in the business, the advertising is deceptive in that respect.