Then, I would use the money I am throwing away on living expenses every month to help me pay down my debt over the course of about 4-5 years.

I feel like purchasing a duplex, living in one unite, renting the other out, and purchasing a deal where the numbers work correctly to where my living expenses would be paid for by my tenant, would be an excellent way to not only help me achieve my goal of paying off my student loan debt, but also help me get a taste of what land lording is like to see if it is a route I would enjoy taking. 

(ie. the rent you receive will exceed the expenses you have as the owner)1.

Here are the details: - 4 bedroom, 2 bath about 1700 sqft, built in 1883- Neighborhood: C I think, close-in 45503 if your familiar with the area- Duplex upper unit and a lower unit, each 2br 1ba - Current rent 300 upper and 400 lower (which is up from 200 and 250 in 2014), neighboring duplex gets 600 for a 3 bedroom but it's nicer- Expenses (prop management, lawn, bills, taxes... ) in 2016 so far $2200 and in 2015 $3200- Profit from 2015 was about $500 (had the upper vacant for most of the year), profit this year should be about $1,600- Appraiser $50,000 Zillow $58,000 Trulia $37,000 Estate $16,000- Bought in the 80's for $15,000Thoughts?

Lender's title insurance might be a little more expensive on the $700k one. 

Great opp to cut as many expenses as possible since you're down on income.  

You may have built enough equity in the first to be able to refinance to conventional without much added expense.  

Correct, I use real estate agents for rough numbers as they are less expensive, obviously not as accurate but good enough for his purposes..

If this was done prior to the reno, it's likely the majority of the cost can be written off as operating expenses under the De Minimis Safe Harbor.

Unfortunately we both live in such expensive, and possibly overheated, markets and are worried any purchase in either of these markets could be a terrible first investment!