Thus my income would need to be ~$400k?

Unit 1 is currently 1B1B and unit 2 is 4B1B, but the listing agent said the 1st unit could be converted back to the original 2 bedroom making the 2nd unit a 3 bedroom if wanted/needed.

This can be risky, especially if vacancies or unexpected expenses arise.

If it's a low income area and properties $100K or less, I would think in most cases if not all, it would be a high crime rate area.

Hi Kerron,I invest in the Warren Ohio market as well.

If you were looking at this situation, what would be the move you’d ultimately decide on, and why?

Mike licensed Mortgage lender who can do residential owner occ loans is what a RMLO is.they are tough to find because most work for a broker that will not allow one offs.. when I was current with my RMLO license I thought about setting up for this business but too much work for to little money.RMLO needs to be a state licensed mortgage lender and NMLS registered to do owner occ loans. 

@Ham Merritt Well this idea is something I am considering for a future investment.  

Property 1: ARV: 185k appraisal came back at 179kProperty 2 ARV: 230k appraiser came back at 226kany insight will be great.

The property has been in the same family for 30+ years and has been well maintained.