Here are some code excerpts:31-17-1 (M) "Primary mortgage loan" means any loan primarily for personal, family or household use that is secured by a mortgage, deed of trust or other equivalent consensual security interest on a dwelling as defined in Section 103(w) of the Truth in Lending Act or residential real estate upon which is constructed or intended to be constructed a dwelling;31-17-8(M)(4)(4) Require the borrower to pay, in addition to any periodic interest, combined fees, compensation or points of any kind to the lender and broker to arrange, originate, evaluate, maintain or service a loan secured by any encumbrance on residential property that exceed, in the aggregate, six percent of the loan amount financed, including any yield spread premium paid by the lender to the broker: Provided, That reasonable closing costs, as defined in section one hundred two, article one, chapter forty-six-a of this code, payable to unrelated third parties may not be included within this limitation: Provided, however, That no yield spread premium is permitted for any loan for which the annual percentage rate exceeds eighteen percent per year on the unpaid balance of the amount financed: Provided further, That if no yield spread premium is charged, the aggregate of fees, compensation or points can be no greater than five percent of the loan amount financed.

I wanted to refinance that one to pull out the equity to combine with the St Louis house's equity as the down payment on the duplex.

I specialize in small Multifamily in the county the OP asked about and the next county over, I sell more than the #2-6 agents combined in that particular category.  

I use 8% in my underwriting, though, this is very localized.I think you need to expect at least 15% combined for repairs and CapEx.

This cash flow from all my rentals combined doesn’t count for cap ex or vacancies.

My personal opinion is that, typically but not always, a combination CPA/Attorney who understands tax liability reduction, asset protection and inheritance planning is golden.

I think you can pull your repairs and CapEx down to 15% combined.

I use 15% combined in my underwriting.You're missing management (10-12%).

The tax benefits, appreciation, and cash flow over the next 30 years will make you more than all your flips combined if you do it right.

They used a combination of sod, rocks, and mulch.