.$8kish / year or so on routine and reactive maintenance combined which should include your cleanings, lawn care, maintenance calls ect. 12% per month of gross rents should be a good estimate if you want to look at it like that!

Owe 2 million with 5 million in value combined. 

Maybe combined with Chapo.Looking for 25% is and always is looking for trouble. all the bad boys in financial-ponzi-scammy-business-financial-wallst they are all circled in this REV/Norada/Lopez/Invictus/Tuesday-Morning/Pier1/Omni super-scam operation.

This looks like a combination of interest rates and just relatively high prices still (e.g. most duplexes I've seen start at around 600k).

Also in your strategy lay out the combination of cash flow and or appreciation.  

The combined transactional costs alone between the purchase and sale are going to be north of 10% of the transaction value.

By sourcing directly from trusted factory partners, Griffin Modern saved significantly on key elements like the Pivot door, floating staircase, glass handrail, and casement windows—items that normally cost 30% more when purchased at retail.

We bought it for $225k with a 3.125% mortgage and 1) are interested in keeping it as our first rental. 2) We are thinking about using some of the equity (maybe $50k or less as a HELOC to combine with existing cash for our next home down payment that we can convert to a HELOAN through our credit union).

I'm using a combination of MLS comps provided by realtor, redfin, and backflip analysis tool.  

There is value in intangible assets, at least as much as it would cost/take to recreate it - and it saves the buyer the years it took.Like Don said, maybe not interesting for a pure real estate investor, but this is a combination of a business and real estate, you have to value both.