Hey Jordan, A lot of variables here.

I realize there are lots of variables at play, but what are some ballpark CoC returns one could expect with this strategy?

If any of those variables are off or questionable it can definitely make a differnce. 

Hey Kurt,Labor prices are obviously going to depend on a LOT of variables, but this might give you a start:- If you have to upgrade the service, assuming between $1200-2400.

I've been told that the market is too variable and they still run numbers based off long term average lease numbers for the area.

My situation is perhaps a little unusual in that I have a relatively new big tech job where about 50-60% of my compensation is coming from variable sources (RSUs, bonus, ESPP, etc) but I'm told lenders won't consider those forms of variable income until you have a few years of historical earnings for them to mull over.

Also you will have very little likelihood of using a FHA loan on a 3-4 unit because of the self-sufficiency rule. 1)There is no problem paying $900 mortgage insurance, if it means you have the opportunity to purchase your first property and learn a lot through the process. 2) I can't really give you an average, it wouldn't be fair because not all variables are equal 3) Just like with any househack, the criteria needs to fit your needs, goals and expectations.

While your rate will be a little higher and will be variable, you will have the ability to pay interest only on the HELOC, which can help your cash flow.

You really need to talk to some lenders, as there are so many variables specific to your situation.

This takes many of the maintenance variables off the plate of the investor.