There is a Conservation easement, there is a historic view easement etc. 

It’s especially advantageous that your construction costs are lower due to being a builder, which really boosts the overall profitability of the project.The numbers look strong, especially with a refinance at 5.9% the $24k net after expenses and $12k yearly pay down show a solid return, even with conservative estimates.

My estimate of 15% always ended up being higher, but hey, what's it going to hurt to be more conservative.

-->Rental estimations for area are (conservatively): $2000 lower unit, $2600 upper unit.What about this doesn't work for you all, given our investment goal and strategy?

Section 8 requires an initial inspection of the property, in addition to any other local housing conservation inspections that may already be required depending on the municipality in which the property is located in.

Be conservative in your numbers and always account for a contingency.

Buying rentals for cash is VERY conservative and will take a long time to amass a decent portfolio.Leverage is how to grow your portfolio and wealth faster.Simple Comparison Example:1) Buy $100k property cash, it appreciates 5% in value annually => basically a 5% return on your investment ($5k/$100k).2) Buy $100k property with 20% down, mortgage rest.

I could understand most people here are into more conservative investments. 

I would base my decision on a conservative $50k year.If you want I can share some of my past 2 bedroom performance.  

Evaluate rehab costs conservatively and explore financing options.