There will be different areas that are better or worse depending on whether you're in search of cash flow or appreciation. 

Unless you have an immediate need for the cash I'd wait until I could pull out the extra $40k. 

Just ask the owner what are you going to do with the money if you sell for cash??

Purchase price: $250,000 Cash invested: $75,000 7 bedroom Padsplit property at 93% occupancy What made you interested in investing in this type of deal?

Registration fees $800+ SOI $50 fees California and legal stuff-keeping it simple-easier to refinance a SFR if decide to just BRR and cash out refi in my personal name versus trying to get loan in LLC name. 

The 4-plex would produce around $1000/mo cash flow after financing, and that financing would recover your total build cost leaving you with no money in the deal at the end and an "infinite return" for CoC.

Wholesaling is a great low cost way to make a lot of short-term cash, but it does not build long-term wealth.

I am aware of 1031 but wondered if I can just cash out without purchasing new property.  

Purchase price: $250,000 Cash invested: $75,000 7 bedroom Padsplit property at 93% occupancy What made you interested in investing in this type of deal?

In Dayton, I find most of my clients like A/B class 1-4 units because they can actually cash flow AND be in great areas.