I would take a look at one "in between" option just to round out your options, and go with your instincts on where you can see yourself.  

I went for Round 1 of viewings today (on the west side), and this is going to be interesting.  

Interesting valuation you have, the $600 part sounds like a tax assessment or an old appraisal, I haven't seen an investor on BP reach a valuation that comes in at $100 above a round number.Tax assessments are for tax purposes, not an investment or market valuation.If that is a true value, there isn't enough of a spread to make this a deal, by the time you have closing costs you'll probably be at market value, you could go over if that valuation is off just a few % points. 

See ya round!

Now to thinking broadly, how about nontraditional students who are working year round, grad students with families who are year round, university staff, faculty, etc..

It's at Round Table, on Lambert and Lake Forest Dr. at 7:00 p.m.

if you can get rents up a bit, and cut utility costs (I'd encourage you to dig into these costs in detail, and get actual historical bills, those numbers are too round) I think this dog might hunt.

I have a blog post on the classics of landlord lit, all should be free at the round rock library or for a song at a used bookstore around the area.

Just bought a 4plex about 4 hours north of Milwaukee and here are my numbers for your reference(I rounded up my dollars for simplicity)Purchase price of $125kRenovation of $12k (out of my pocket)Rents at $2300 total(expected to be near $2450 in the next 3 years)Utilities $250 a month average (Have a plan to reduce down to $175 a month)Insurance and Tax $500 a month(pushing for a reduction down to $400 a month)Maintenance $150 a monthDebt Servicing on $100k  is $700 a month (bank loan of 5.25% for 20 years)Debt Servicing on $25k is $200 a month (personal loan at 8% for 20 years)Total monthly expenses are $1750Monthly cash flow with full occupancy is $550At 15% vacancy my ROI on $12,000 of my cash is 20.5% annually.

We have used Soleil Floors in Round Rock numerous times including in our house.They obviously did good work at a good price or we would not have done several projects with them.