. $4,656 profit just doesn't seem like a good ROI when you think of all the risks or a problem that requires more $$$ or I may have forgot about something in the initial equation.  

This is countered by your desire to move into a better school district, which complicates the equation. 

Probably not with the refi because larger loan equates to higher payment. 

The biggest factor and reason the prices are so low in those areas is the super high tax rates in some of those towns, if the taxes are worked into the equation and they work it may be a good investment, I just know I've had clients look and after looking at taxes the math didn't work out. 

I’ve positioned myself to cut the buyer variable out of the equation. 

Using the rents to calculate value is great for investors because it takes emotion out of the equation and emotion can make you lose a lot of money .

My wife and I have a pretty nice income which equates to an extra $5k a month disposable which we’ve been using towards our debt pay off (my truck) which will be paid off soon.We are starting with SFR but plan to move multifamily within 5years.

I was trying to incorporate the higher rent that I'm currently paying as renter but which wouldn't be paid if I moved into one of those units into the equation.  

And showing that as $1,500 of “cash flow” does not equate to a real life successful investment. 99% of these type of things are fit for the trash.

Any advice would be great, if I left anything out of the equation, please let me know.