That being said due to the number of sharks out there I would only spend money that I can afford to lose. 

Durham tends to offer slightly better cash flow opportunities compared to Raleigh, especially if you’re targeting neighborhoods that are up-and-coming but still affordable.

Part of the investment thesis was getting it for a bargain, then building an ADU complex on it as affordably as possible, getting it to cash flow, and realizing value on both the rental income but also property appreciation given the work going into it.If the property will really only be worth ~$1.70M once we are finished, I will likely just stop the project now and exit the house as soon as possible.If you do not get dollar for dollar for projects such as this, how would house flipping ever work?

Only other advice I have is to try to find a quad, not a duplex, in the nicest neighborhoods you can afford.

Not many people here can afford $5000/month rent or would they. 

Because it has to, it's operating on a razor slim margin and can't afford the issues. 

These markets offer affordable homes, many of which are turnkey (new builds or fully rehabbed), with properties that have 10+ years of life left and are ready for tenants.

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God forbid something happens and I either can't get rid of a tenant or can't find one, I would barely even be able to afford the mortgage

It’s just more than I can afford, and I don’t want to offend you with a low offer.”