I think there is greater value in more doors though, so findings something like a 2-4 unit property, where you will live in one unit and rent out the remaining units likely would allow you to live cheaper as their is more opportunity to increase cash flow.

We used Stessa for the flips last year, but as I've increased the number of flips, tying expenses to the appropriate project has become a bear and I'm wondering what others do. 

Roof on one of our SFH was $7800 this year. 7800/20yr/12mo = $32 per monthTo keep it real you have to look at rent increases that average 3-5% per year so your cash flow changes over time.To compare this fairly you have to remember that many multi-family have an HVAC unit per apartment so you don't get to escape that expense.

Debt increases riskSo why do investors love using it?

Then with interest rates bounding upward, you and your buyer-customers are faced with ever higher financing costs...

In the case of a roof, etc. you could renegotiate a higher sales price (amend the contract) to cover the cost of the upgrade (if the market will bear the increase).

It appears the units are below market, however with some cosmetic repairs and perhaps some capex's I feel I could increase the rent by at minimum (based on local comps) 68%.I would offer 85% of list and estimated $20,000 in repairs/upgrades (this is probably a generous estimate - the property appears to be in good shape, basically needs a face lift).With all these figures, including the 50% rule, financing with 20% down @ 3.5%, I come out to a profit of $262 per unit and a cash-on-cash return of 9.53%.So, does this seems reasonable?

Increase the term of your loan.  

Yes there is rent increase but only to the extent of what is reasonable with your competition.

Expecting to make 65K my first year, and looking to see what I can do to increase my net worth.