The neighborhood where I have my units is made up of about 30 individual 4-plexes, all 2/2 or 3/2, and 3 different models. 

Curious to hear how that compares to market rents in those neighborhoods...

Well, maybe something with a 3% return in an A-class neighborhood.

I have found a couple very decent 2-3 unit duplexes in good neighborhoods that I am interested in.

Neighborhoods are important especially as a beginner.

Don't buy in the roughest neighborhood in the urban core.

I'm sure it differs based off of the area of town but the property I am looking at is in a nice residential neighborhood in South Asheville and is a duplex.  

I am thinking of targeting certain neighborhoods, ones that have a low enough FMV so that rent can more than cover the existing loan payment, and placing bandit signs, as well as sending direct mail postcards, and/or placing flyers on doors.

So, if the mid to top of your neighborhood is 215, then yearly increases go to roughly 225 in year 1 and then 237 in year 2.You didn't give any rent amount or rent credit amount so I will make it up.IF you set a TB purchase price of 237 and deduct the 189 you currently owe (that will be less because of 2 years mortgage payments... paid by someone else!)

The only real reason for concern might be if you feel uncomfortable in the neighborhood you are farming, but then you might want to work in a nicer neighborhood anyway.There are some specific tools that are necessary to employ this technique, for you or your help.