With that being said, it comes down to the usual rule of "Location, Location, Location".Merrillville is better, but also has some better areas than others.I have holdings in both areas, so if you want, connect with me, we can discuss the areas and the strategies.

If you were going to put a rule of thumb to work I would say it is probably going to be hard to make competitive returns on your investment in such a high priced market.

The first thing I would recommend is to establish your investor identity.

If so then the tenant has to adhere to not only that programs rules but the housing authority's rules as well.

Amy,Anything more than -20% equity is a good rule of thumb where it is past the point of any type of sub-to or creative financing deal is possible.Larry Chafe

However, as a rule, I would price the flip to sell and clear that hurdle quickly if they next deal is really worth pursuing.

There can occasionally be some cash flowing properties in the pine hills area, although many of those homes do not meet the 2% or the 50% rules preached on BiggerPockets.Regardless there are some opportunities for duplex investing in Albany.

While that's a good start, the rules vary from state to state and there can even be variations in different counties within a state.

Also good point on HOA rental rules.

Additional ways to gauge value or whether to sell: cap rates gross rent multipliers comparable sales of similar triplex's fourplexes sales price per unit 1% or 2% rule on comparable properties or alternatives and more...