(Silicon Beach, Olympic games, still resonance interest rate and etc).Also i agree that the "things" are way more complex to analysis that just put a fact or two together. 

Might I be better suited working a regular 9-5 W2 job until I acquire a few more rentals to be self sustained?

I believe I am interested in multi-unit (min 15) and possibly mixed use with retail/office and apartment/res on top.

But the decreasing irr comes from holding the property and averaging more modest and sustainable cash flow returns over the long haul bringing down the initial "flip" return. 

So my assessment is that the NOI is not sustainable.

It seems like there's enough real estate investment happening in Valpo and Porter County to sustain a group/gathering...?

Not setting the world on fire but sustainable.

Never mind, I just re-read your post, that's 5% per month, OK.I keep hearing horror stories about FL insurance, how confident are you that those rates are (1) accurate and (2) sustainable?

It doesn't matter what kind of market it is as long as you have positive sustained cash flow on a property.

Hopefully my pitch of making the property a nicer place to live will resonate and I can get those taxes lowered - if that happens I would take some of that money to accelerate the beautification.