Neighboring identical 4-unit buildings are leasing for $550-$650/mo so there’s a good chance I can slowly raise rents. 25% down conventional financing.

He says that he has a comp that’s identical that sold for $242K recently and would like that.

This means we would only need 13ish properties identical to this to become net worth millionaires IF we only stuck with single-family homes identical to this scenario. 

Oh yeah, in the 3 years I’ve owned it it’s gone from $500k to $640k. (1 of 6 identical townhomes, so solid comps.) means the $125k earned 100% in 3 years plus the $58k in rental income.  ($198k return on $125k) (to be honest, also minus a $400 microwave and a $300 new garage door opener.)This is not a strategy for someone who needs that $100/$200/mo rental income to survive, but then I don’t thing they should be buying investment real estate.

I did the almost identical thing...back to back years in Vegas.As an example, just my first Vegas prop: Summer 2016: $230k w/ 5% downlived there a yearbought second place & moved out (repeated this)rented the place outinitial cashflow $-125/monthdropped the $75 pmi/month by end of year 2equity paydown of $8k and appreciation of $70kraised to market rentnow cashflowing +$50/monthcashflow turnaround of +$175/month just by sitting on itAnd these aren’t pos digs either.

If we can get nearly identical rents with 1/3 of the property value should we sell our SFR and buy the duplex? 

I like this method because you don't need to take the tenant's SS#, so they cannot claim identity theft against you.

Essentially identical coverages, half the price.Instead of you going to three one-company agents and trying to compare prices, go to two multi-company agents and get quotes from a dozen companies. 

I also run a side-gig marketing agency where I help out small businesses and start-ups establish brand identity, websites and marketing strategies.

I had an identical situation, with a new tenant that moved in February 1 and had paid February rent.