Purchase price: $140,000 Cash invested: $550,000 I am in the process of building a 2,800 square foot new construction duplex!

Builders not building enough and older homeowners not selling means supply is constrained.

@Adam EckhoffIf you don't factor in property management expenses, then my cash on cash is 0.96%

Get rid of debt, build a budget, and save.

Then you will have your inspection fee every three years that will vary based on the type of building and how many units.

There is the those that have to sell and yes they are probably selling it distressed or a forced sale- but as you mention if you look at this listhttps://www.nmhc.org/research-insight/the-nmhc-50/top-50-lists/2023-top-owners-list/These companies may have some strategic liquidations but they can ride this thing out.It’s the syndicators who promised people cash and took at short term debt because they played the lottery thinking they could flip a multifamily building thinking prices always go up and cannot now handle the debt burden.

I believe Raleigh has favorable macro-economic factors, yet is still semi-affordable compared to other hot markets such as San Diego, Denver, and Seattle. 

That would depend on a few factors:How confident you feel in managing the project (as @William Hutch mentioned).How confident you are in recognizing building issues/concerns, and pointing them out.How much time you have to oversee and research how things should be done.

Pulling out of building additional buildings we had planned.i. 

Rather, it's selling the property and investing in a multi-family value add fund (total ~ 7-10 buildings).