What are the risks of investing in a non conforming duplex and how like are they to happen

I often hear that condos and townhomes don't make good investments, and I'm all in on those.

I’m trying to purchase this property using a hardmoney lender but the lenders  I have spoken to have told me the same “ it’s a no deal without access to the property for appraisal”.This is a great income producing duplex and I would hate to let it go.

I'm excited to take the next steps in making my first investment which will likely involve the use of my condo.

Here’s a deal in WACO that i want to place an offer:CLASS - C/C+Units - 14 + duplex = 16Mix - 2 BED 1 Bath Rents = 575 averageCap rate 9.2 % actual (Or So they say)Previous owners bought it for $545k List price = $680KAll bills paid communityTotal operating expenses -$55kNOI = $62KCash flow is around $2.4K / month100% occupied with rent roll6mins from a a good university Numbers check out on paper, value add opportunity is also there.

Lots of quirky mixes of systems, especially in the parts of Dorchester Adam is referencing where full renos and condo conversions haven't swept through yet, and especially in the price point under $750k.

Just got my estopels from the duplex I'm closing on.

You can find 1 or 2 BD condos or townhomes around Tucker, Norcross, Doraville, Smyrna, Decatur, West Marietta, Mabelton, Austell and more... 

With a max cash outlay of $80k at 25% down, that gives a $320k property with no repairs, which could definitely buy a single family B class or small duplex C class in Bremerton - but would need more repair.

If you are looking to owner occupy, you may want to consider starting out, with buying a Duplex, TriPlex, or a Four Plex.