I played with the numbers.

Does land value come into play or is it all jus CAP rate and NOI for the value?  

There are lots of towns like that all over the country in "fly over country".I think the real estate play there is to buy cheap, rent at good rents like 2% or better, and hold the property for the cash flow. 

I put down $10,000 on a 4 unit building and $8,000 on the duplex.  . so that still leaves me with $12,000 that I can play with and hopefully get another property owner financed . 

That makes sense however does the friendliness of a state toward a landlord come into play in your estimation?

I personally would not want to buy into a syndication where the manager is "playing" PM as well.

There are lots of factors that will play into this but we don't know a lot about the property. 

Finally, use all these numbers, including purchase price, repairs, rental income, expenses, and sales price or cash out refi after X number of years (you can play with these parameters) and calculate IRR on the series (can use the excel function to do this) ... this is your total return, over the life of the investment, including ALL sources of profit.

Anything more than that will not be enforced in court by the magistrate, and may even cause the magistrate to decide the landlord is not "playing by the rules" overall, which might mean a judgement against the landlord.Regarding eviction in NC, my understanding is that the landlord has to do all of the following. 

im playing with using a structure for purchasing commercial or commercial with rental units that involves an investor putting up the down payment and my side holding the mortgage.