I'm anticipating my rehab costs would be around 32% percent of this projects costs.

@Bogdan Masca You could buy a property that turns out to have more problems than you thought when you did your due diligence, there could be liens against the property that you don't know about, the area that you buy could do a lot less appreciation than what you expect (in fact, it could depreciate), CapEx items could be in worse shape than anticipated and could need replacing....

If you're living in the multi, you should have a pretty good handle on things and can anticipate most routine maintenance issues. 

We are approaching our reserve goal faster than I initially anticipated, and we should be able to start drawing an income form the property soon (if we decide to).

What is the anticipated hourly rate if you have a job elsewhere? 

Anticipating that growth many investors have bought both multifamily and single family property downtown for use as student housing which has historically drawn a premium rental rate.

At least that way you may be able to anticipate some of the costs over the next couple years and use that help inform your decision. 

@Justin Franklin To be successful in a game of chess or any sport for that matter, you need to be a few steps ahead, something called anticipation.

Just factoring in 5% for vacancy, repairs, and future capital expenditures, you are already at $50/door based off your anticipated rent.... and 5% doesn't leave much wiggle room when it comes to repairs/cap ex  That's only $270 each for 2 buildings, 8 total doors.   

I anticipate that property management can handle somethings, but do I physically need to be near to get in the game?