Side notes here to keep in mind, the market is crazy right now and lenders are prioritizing home purchases vs. refinancing due to limited labor availability.

Also wanted to buy this property as it was a board up directly across from my first investment property so by improving it I helped the neighborhood values and keeping the area up.

Remember with land, often you may need to owner finance the sale and that cold keep your money tied up for years and create additional expenses. 

As I'm sure you already know, speaking with an attorney who specializes in such ventures is a must to keep you out of an orange jumpsuit!

As such, I would suggest being very conservative with your cash as loosing principle will be quite impactful.I understand your desire to earn the highest return possible, but keep in mind that you often need to take on higher risk to get a greater return. 

Raleigh is an appreciation market - keep that in mind.

we have not had trouble keeping our properties rented in Carbondale.

Any way you could buy a outdated home and add value while keeping list price down? 

I'm thinking of keeping the 2bedrooms at the current rate. 

If the duplex is listed at $515k, you could probably qualify and use your VA loan for the unit you are living in, and they will be able to use the projected rental income of the second unit to cover that difference. keep in mid that loan limits vary by County.