The reason other markets don’t cash flow is because the values have doubled, triple, or quadrupled in the last 10 years. 

It says it has 6 bedrooms, wow! 

These are luxury duplexes consisting of 3 bedrooms and 2 car garage units.

The first unit is a four-bedroom, three-bathroom duplex, while the second unit is a two-bedroom duplex.

I'm imagining something more like add a wall, turn a bedroom into a kitchen-living on one side and a formal dining room into a bedroom on the other side, maybe add a half bath in each unit.

How many bedrooms does the property have and in what zip code is it located?

Even if you only averaged 2.8% appreciation annually, which if you've had it 20 years I have no clue how that's true given prices have well more than doubled in that time, youre skipping over the fact that you have been benefiting from that appreciation on the ENTIRE house, not just the % you paid for.  

Yes, Kalamazoo. 2 bedroom is rented for the next year. $1300/month, tenant pays all utilities. 4 bedroom one is vacant.

How many bedrooms is your vacation rental?

The developer claims the price to double in a year as the complex is about to be ready.