Here in Connecticut resale value of a slab homes is terrible. 

If you found a multi-unit property for 72K, and 85K, you're in a terrible area.

Expenses: $4,200 (assuming 25% of Gross Income)Vacancy: $1,800 (assuming 10% of Gross Income)Total Annual Expenses: $12,103INCOME AND RETURN: Rent: $1,400 / month (2 units; 1st at $800 and 2nd at $600 / month)Annual Gross Income: $16,800NOI: $7,150 annuallyCash Flow: $4,577 annuallyCap Rate: 13%COC Return: 41%Notes: The property is in a very blue collar area; not terrible, but certainly not a good area either.

This past week we've been having an early - though not terribly severe - cold snap with temperatures down in the -25C range overnight.  

Actually it will be awesome if you already own in that city but a terrible investment if you don’t as I imagine the amount of money that will be thrown at property will be RIDICULOUS.  

@Paul CamutoI’m suggesting that cap rate is a terrible metric to analyze residential properties across markets because: Different markets have different fundamentals and different prevailing cap rates.

Second, you are assuming that the $100k property is still worth $100k after a $20k renovation, which would be a terrible investment.

They could be way high or way low depending on the specifics.   10 cap might be great, might be terrible.  

No use going with a terrible loan arrangement just because you are desperate with little seed capital, you will only find yourself in a rut in the long haul.

We have both master and individually metered properties and master metering is terrible for financial performance.