Yep, off water, but with nearby water access and view seems to be the same ROI considering the cost of the property. 

Purchase price: $630,000 Cash invested: $120,000 Gutted this property, brand new electrical, furnace, propane, finished basement to create separate unit.New garage with rental unit.

They had about 90k into the property.

How nice is the property?

Quote from @Matt Cook: I would really get with a realtor that is in the area of that property and that sells a lot of homes to comp the property on what it can sell for after the remodel.

You can have the most beautiful kitchen, floors, and an overall great rehab, if sales are declining in the area or properties with similar rehabs are sitting on the market for several months, the appraiser will cut your value. 

The best way to learn the multifamily market is to purchase a multifamily property.

@Zack Whiting Straight off the rip I would draft up leases for these properties and get everyone on a MTM lease.

Buying an investment property at 21 shows amazing foresight and financial responsibility.

If not rented at fair market rent, this property will just count as your residence, not a rental for tax purposes.Structuring the property under an LLC or land trust could trigger a due-on-sale clause, so check with the lender before proceeding.To minimize risk, consult a CPA for tax strategy, weigh financing costs, and draft a legal rental agreement.