There aren't many 5+ unit properties trading in those areas, and the 2-4 market doesn't really trade on a cap rate basis, because it's very owner occupied heavy.

For newly constructed, purchased or renovated properties and also retroactive generally over the last 10 years, building components are properly classified into individual units of property and accurate recovery periods for computing depreciation deductions.

My goal is to acquire and renovate the Tuscan farmhouse with two units.

The unit is about $60k and is definitely outdated.

We have had success with 1 br units, including senior citizens. 

The original plan was to live in one unit (as requird by the loan terms) for one year and rent out the other, then move & rent both units after the 1 year requirement (currently living with relatives).

If that helps I'm looking at 6-12 units, independently owned apartments.

Investment Info:Small multi-family (2-4 units) buy & hold investment in Corpus Christi.

However, like @Ellis San Jose mentioned above, you will command more $$$ for your property if it is delivered vacant (unless you are getting top market rent for that unit).If you do sell with tenants, be prepared when the prospective buyer requests rent rolls, estoppel certificates, rent history, existing leases, rent due dates, security deposits, and any other written or verbal agreements.

I am a GC in phoenix building simple duplexes and 4 unit complexes. 200/ft is way too much for a simple duplex.