Most 2 unit properties have similar square footage to each other and have separate utilities and separate addresses. 

Has anyone built something similar in the area recently?

Even so that I'm dabbling in raw land investing because its a similar niche market that has the potential to be even less of a hassle.

I have found that there are actually a lot of people with similar interests and goals for investing among the people I interact with on a day to day, and a lot of them have money just sitting around.

Anyone have any experience similar to this?

@Chris Connery not knowing for sure what your situation/goals are I thought I would throw out there what I/we are working on right now - similar but different.I am working on forming a partnership with an individual that will bring the 20% down that I need for my properties that I use a commercial portfolio loans on, but the whole loan (80% of purchase price) will be signed by only me.

Arley Collado You and I have a similar situation as I too am in Long Beach, CA, but currently analyzing deals in Cleveland, OH.

What's worse is that the value of the apt moved up from approximately $1 Million at the time to about $2.5 Million.The reality is that my friend was not only losing in Cash Flow when taking into account his living situation in NYC but he also lost opportunity cost because he had the chance to buy a Condo that was very similar to the one he rented.

In my area, many condos and apartment buildings are being built that offer similar rents but with more amenities and newer construction.

Or is it very similar to retail where appreciation & paying down the mortgage will ultimately give you the equity?