There are a lot of assumptions I made with expenses/cap ex, but I couldn't get a positive cashflow if you were actually to totally rent both sides out.  

Again, irrelevant in the "real world" but as a thought-exercise you'd just replace one set of value-assumption-arguments with an appraiser for another

Then make sure you buy, renovate, and operate in such a way that you have multiple profitable exit strategies in case any of your projections or assumptions are off.

It's really hard seeing how well people are doing with cashflow properties :(Other assumptions:- I have the funds to buy here in the Bay, although I don't want to gamble on further appreciation, I really like the idea of cash flow- Other than building wealth, another main goal of buying an out of state property would indeed be diversification from the stock market, which is wise in my opinion considering the crazy run of the past 7 years- I am aware there are other passive options such as investing in debt deals via crowdfunded portals, but those to me just seem a meat marketplace, plus you don't recoup any of the advantages that come with leverage, tax efficiency and building equityThanks

Everyone that advertises rates online, advertises best-case scenarios that probably less than 5% or 10% of people actually qualify for, if you pick any old internet lender and read through the assumptions they make.

It's really just common sense plus a few assumptions.

So thats where i got the 50% assumption, its a ball park but thinks can make it higher but for this size property with a couple vacant and the lower lot rents, 50% or higher is probably realistic. 

Thanks for the comment - this is along the lines of what my initial assumptions were.Lots to do before making that decision though........

Discuss.Edit: I suppose I should mention a few other assumptions: 1) That you've put down 20% and aren't paying PMI.

Anyway, I'm probably the 1 in a 1,000 weirdo who makes those (likely unwarranted) assumptions but I can't help it.