Also, without seeing the property, I would assume a 10% repair estimate is very low.

I realize that this may need some light fixing up here and there since it's not freshly rehabbed.

Now $40k offer price may be too low and won't be accepted, but I used the formula ARV * 65% - Repair cost to determine the MAO.

My concern is not to overdo it with pyramiding, especially in light of the rising rates.

I guess I could make the argument that if you wanted to park your money, have a (relatively) low maintenance build, actually *wanted* to live there (as a person, not an investor), and didn't want any taxable income in the near term, then I could see doing it.

laminate is less expensive and is more durable  some  of the go to brands are allure http://www.homedepot.com/p/TrafficMASTER-Allure-6-...but I have used laminate from as low as $1.25 sq ft  

Also, if you try to buy two multis so close together with no (or low) downpayments, you're probably going to have a pretty hard time qualifying (unless you made a boatload of money & have no debt, in which case you'd probably have money for a downpayment).  

My want - What is most important to me is low money down, hopefully 10%, while also ensuring I have good cash flow. 

Properties are cheap in the city, taxes are low, and there's no Point of Sale.

Stories3Price/Unit$86,458.33Year Built1972Property TypeMultifamilyLot Size0.56 ACProperty Sub-typeGarden/Low-RiseAPN / Parcel IDWHAV-000048-000023 Financial Summary (Actual)Year2017Operating Expenses$101,837Scheduled Gross Income$245,376Net Operating Income$134,870Effective Gross Income$236,707Pre-Tax Cash Flow$36,876 Debt & Equity InformationDebt TypeExistingAmortized Over30Loan Amount$1,660,000Annual Debt Service$97,994Interest Rate4.25%Down Payment$415,000