Planning to build 4 bed 2.5 bath 2200 square feet. 

I'd build at least 3 units. the DSCR loans we underwrite get 1.6 debt coverage and because we build under 4 units they have so many exit strategies depending on which appraisal method goes for more. 

One of the buildings where I have a condo changed from coin to card operated laundry and they really liked it. 

Mike,If you are not going to cover your belongings and the parts of the Building you ar responsible for, another avenue to try is to see if your Homeowners policy can add that location for Liability only.  

In terms of the building you are under contract on, is it brick or frame? 

We have our own personal home, but are interested in the idea of having some rental properties to generate additional income and build wealth. 

And also very importantly, what is this neighborhood like?

People would say things like cash flow, seller financing, Self-Directed IRA, etc. and my eyes would glaze over.RTR Academy starts at a basic level and builds you up to where you need to be for a successful endeavor into real estate. 

The drive is a horseshoe shape around the back of the building (only one building on the property).

Now he is currently building another one and i think it is a great investment.