$400k equity is producing $1600/month cash flow for a return from the cash flow of 4.8%.  

That looks pretty bad for your cash flow.

Sadly, it seems that cash flow on long term rentals with 20% down just does not exist in most desirable locations.

There's a monthly cash flow 101 game in Bloomington through MN REIA.

The property investment in total is estimated to be 105K with $1600 per month cash flow when complete.

If you have a flat roof with drains, or a pitched roof with gutters I would ensure either way that the flow of water is un-obstructed most commonly by leaves or pine needles from trees.

Are you cash flowing the property?

Cash flow approximately 350 a month.Option 2: Use the cash to buy land to build a 6 bed 4 bath duplex, all in cost approximately 300k/330k. 

Harder to cash flow due to 25yr am vs 30yr standard.

Based on what my real estate agent thinks that this quote will be, roughly, and the after repair value, it looks like I could buy this property in cash, spend a month or two fixing the damage, and then put a mortgage for roughly 1.6x what I paid for it and thus have a cash flowing property at a few hundred dollars per month and a little more money in my bank account ready for a down payment on the next deal.