Here is where we are: I've talked to one broker recommended here and Wells Fargo, provided the same info to both: our credit score is 800, and both of us employed for over 10 yrs.  15 yr loan of around $390k, signed contract tomorrow or Monday.  

I did from the tub forward 3 yrs ago when I lived in the house. 

our realtor has had several other people do it with no problems but wanted to get BP thoughts and feed back.FYI we looked into a REFI but we don't have 20% equity in it (2 yrs) and this will not be our primary residence in 30 days when we close on the new house.

I have many units with original wood floors going back over 100 yrs old.

Plus, you could house hack another multifamily in 1-2 yrs with your VA entitlement, because now you have experience.  

I am 39 yrs old now if it matters:-)I have two very young kids and I am not a DIY handyman.

The numbers look good:Location: Broadway HouseNumber of Units: 1Rent: $1,350.00 Square Feet: 1,666 Upfront Costs:Cost per Unit $95,000.00 Price: $80,000.00 Cost per Square Foot: $57.02 Cap Improvements & Repairs: $15,000.00Cash on Cash Return:19.84%Total: $95,000.00 Debt Coverage: [minimum 1.6] 1.78 20%Down: $19,000.00Capitalization Rate (ROI)9.05%Current Assessed Value: $29,666.00 Loan Amount: $76,000.00 Net Cash Flow per month: $314.08 Interest: 4.88%Net Cash Flow per month per unit: $314.08 Term (yrs): 30Total Rent/Month: $1,350 GROSS SCHEDULED RENTAL INCOME: $16,200.00 Less: Total Annual Debt Service: $(4,826.40)Less: Operating Expenses: $(6,470.63)Less: Vacancy and Credit Losses (7%): $(1,134.00)NET CASH FLOW: 3,769 NET OPERATING INCOME - (NOI): 8,595 INTEREST: 3,680 DEPRECIATION: 3,455 NET INCOME: 1,461 Property Insurance: $1,000.00 Property Management (10%): $1,620.00 Placement Fee(30%): $405.00 Real Estate Taxes (5.06179%) $1,501.63 Repairs and Maintenance (12%) $1,944.00 Services: Snow Removal: 720 Utilities: Electricity: N/A Gas and Oil: N/A Sewer and Water: $30.00/mo Other

For example, let's say over the course of 3 yrs.

Thank you Dan Wallace Jeff Kehl Great insights - given I'm only recently doing some 1099 sales that is growing but not established over 2 yrs, I will see what comes of it...keeping good records and documenting rehab.

@Charlie Vollers , sorry, I didn't mean to put all the emphasis on scrape & build new duplexes, to be sold as "half-duplexes".A landlord that owns the full duplex (might be 50 or 100 yrs old) could divide the deeds and sell off the halves.