The CoC return could be better in my opinion, but really depends on what your goals are.  

Oh how I wish :)@Skyler Massey, I'd go back to your 8824 that was filed on your last tax return by your account. 

But every deal has different partners so the remaining return is what it is.  

My question 30% return is good for my first flip.

@Travis ChristmanRental income is considered profit or return on your investment.

Not only will I rent out the other unit but also rent out the rooms on the side I will live on to girls around my age.

that's rare, but it suggests a lot of things about your building...like the condition, assessed valuation, upside potential, etc...I've personally never seen a 6-unit in a good area with taxes that low...Overall, I think your returns look really low, so I would say this is a relative investment...if it's in great condition in a great area, maybe it makes sense...hard to tell much more without the full property information...

Your best bet is to pay down your credit card debt, it isn't sexy but paying it down gives you a guaranteed return of 15% or more depending on your rate, that sounds like a no brainier to me. 

If it is someone other than your wife - you will most likely need to file a partnership tax return using this new EIN.

And remember, since you are using leverage your return will be higher compared if you were using all cash purchase.