We also had a transient tax and municipality as well.

With your considerable experience and, I'm assuming, strong credit score, you would be well-positioned to receive high leverage and low rates from most private lenders.

Would love to get a copy of that spreadsheet as well.

He's an experienced agent. landlord, he has his own Airbnb house in Covington and he understands that part of NKY really well.

I certainly think that’s a great option as well.

This has been my strategy here in NOVA as well - though true multifamily housing stock is hard to come by as you are probably already aware.

I'd recommend looking at costs. your build cost is going to be well over other homes because of the fixed costs like slab, Hvac, roof, etc. check the market drivers and weight the benefits of short term versus long term. long term is no furniture and help pays mortgage but at this size it doesn't really cover everything. we didn't find a lot of economies of scale in single family detached. can you build more than one unit?

You didn't write how much 'sweat equity' you put into this place, but it was likely well worth it given the $400K cash out.  

Having realistic expectations was something I had to accept early on.Property managers are going to be key for your investing as well.

Commercial properties are not evaluated by "comps" (well not exactly) they are evaluated on cash flow.