I finally went out of state.Which brings up the second part I learned.

Finally, I would think that people would go to Disney world significantly less when a recession occurs, so also make sure to stress test your business model for this case ...

100% agree with you @John Coleman on the big upside play for those cheaper SFR properties -- that's my big draw to this area (not to mention the town is just super cool). had one final clarification for you: The only thing that makes my numbers work is no debt service. can you clarify? 

I finally took the first step to my learning curve in real estate investing.  

We continued to live with our parents, save money, pay down our $50,000+ student debt bills and more than anything learn and invest in real estate in our hometown.However, after 18 months of relentless studying, networking, calling, door-knocking, and driving for dollars everywhere in Indianapolis we identified two duplexes via our newly built network that finally fit our goals (and that we could afford).

At the closing table we were just getting ready to finalize the deal and we came across a bit of a let down.

But now I'm seeing to take your final exam you have to be sponsored by a broker to practice real estate.

A property I bought recently not too far from the house you're considering was a short sale and took something in the vicinity of 8 months to finally close, which I think was on the faster side since allegedly the bank had "preapproved" the short sale before the house was listed.

So I've finally gotten around to refinancing this house and the appraisal came back today.  

@Ben Ballinger - typically I'll show the seller my calculations (income approach, sales comparison, cost and final value reconciliation) and reiterate the previous discussion that I'm an investor and if the numbers don't work, its nothing personal.Working with a realtor/agent can make this conversation more difficult, in my opinion.