@Tony Schmucker Now that you know all of those markets work from a Macro perspective you should look to see where you want to live for 2-3 years and what your and your wife's income will be in those markets.

If I had to guess I would say your money could “develop” 1-2 houses in Staten Island but in the right market you could easily get up to 12 or possibly more good units fully paid for.

While I don't expect another 2008 size wave, I do see a large hold back of inventory coming to market. 

I agree very market dependent. 

Quote from @Sebastian Medina: I would search out people in your market that are flipping, and try going to a couple meetups as well.

I am an experienced investor and unexpectely find myself managing a duplex myself and wondering if there is a small landlord (aka inexpensive) simple solution for marketing, background checks and lease creation that markets on zillow? 

If they tenant is $300 below market, that's costing you $3,600 a year.

Are the tenants paying market rents?

Purchase price: $162,500 Cash invested: $75,000 I was offered this property directly before it went on the market from my agent.

We do not raise it to market rents, we keep it at lease 10% below to try and reduce turnover.