I don't know understand how Austin can sustain it's multi percent appreciation rate. 

I amy be a bit biased, but after working with investors form all over the globe, the one thing I have learned is that the venture is largely hinged on the front end of the transaction that  utilizing a reliable higher local provider with sophisticated operations and systems not just plans of how they will help you acquire, repair and pas you along to a magnet company.

However I would prefer to utilize some leverage.  

Let's say company net assets in bank is $40,000.00 creating a system quarterly that will utilize 20% of that towards marketing.So January, February, March - $8,000.00 total between Direct Mail campaigns and other forms of marketing.  

If you turn your building into 2 condo's, then the comps you mention might be able to be utilized.  

Your numbers are off - capex really depends on current property but people like to carry 10% of rent ($130), repairs are another 10% ($130), vacancy again depends on area but if you assume 8% ($104)Big question is who pays utilities.

It's all about those utility bills people!

It's been the best decision I have ever made as now I work part time for my fathers scrap yard and utilize as much time as possible furthering my investing career.

Are utilities metered seperately?  

My goal is to eventually not need w2 income to sustain my way of life.