But Bob knows it will cost him about $100,000 to get the property up and running just like his identical property.

That seems like a lot of trouble and expense to hide your identity from a tenant.

Your numbers are almost identical to an active listing on LoopNet in that area, so I assume it's the same building you're talking about. 

One of the major reasons I never wanted to invest out of state is because, well for one I like the idea of investing in my "backyard" but two, so many markets are street by street and identical properties A and B with identical cash flow can have such major differences in IRR over the long term.

@Chai Xiong  My wife and I are purchasing a house in Kissimmee and in a nearly identical situation as your original post.

Note: both homes are identical in every way since they’re cookie cutters.

Every single house on the block had a wildly different anticipated growth rate even though all of the homes were essentially identical. 

Negotiated with inherited tenants (cash-for-keys); did a full cosmetic rehab on the property (two identical 2/1 units); placed two new tenants after raising rents from $600 to $950; sold the property with one unit strategically vacant and the other with a renewed lease.

Which is too cheap imho but I'm locked into this lease until May 2021.I think I can get $1200 for the second floor of Unit 2 which is almost identical to the first unit, after some small renovations.And I will be living on the third floor, hopefully, rent free (PITI is $1959)

Hello Brandon, As an agent you will need to begin building your identity as a trusted advisor in home sales and purchases.