My company has non real estate (automotive related) operations in CHA/ATL/DFW/TPA/NSH/PHX, but I have family in Nashville and have grown to love Florida in my travels.  As a 1st time investor, would I be better off fo...

We increased the rent from 275$ to 500$ for the upper tenant which he agreed to.

People could afford upper scale finishes and materials for a home this size.Is he planning to build communities/ subdivisions of these homes or build to order?

Pay attention to the level of rehab on these properties a comp that sold that was a total dump is not going to be a good indicator.

Is the duplex you bought a fixer-upper or relatively turnkey?

I'm trying to avoid the mistake of managing by spreadsheet (i.e. adding a 3rd bedroom to a very large unit - ~ 1500 square feet) will increase the prospective return for the investment, which looks good on paper, and remember to balance that with property level considerations, quantitative considerations like getting the best tenants.

It seems they have hit their saturation level and are feeling the effects. 

After all during the recession the highest rates of unemployment were at the lower income and education levels.

The bank would just do the same process as a conventional mortgage to see if your income level and credit qualifies you for receiving a mortgage - in this case a refinance.

Analysis: So I did the math (high level) using 2 different scenarios.