@Jonathan Klemm   My plan is to eventually turn the two units into a SFH, which I know would definitely require permits. 

My metrics are COC return but also monthly cash flow (has to net me more than $1.5K/month min), followed by location

If you're able to subdivide the lot into four new R1 lots, then each R1 lot can handle a duplex and two exterior ADUs -- ie, two duplexes.

Property was listed for $195k and has had two $10k price reductions. 

Hey Steve,I,m in Lafayette would like to come.

List price and sales price are two very different things. 

Graduate from collegeGet the highest paying job you canReduce your expensesSave up enough to house hackHouse hackIn a year or two, refinance and house hack againRepeatGood luck

He held it for four years and over that 48 months TWO were cash flow positive.

Two events must happen for this to work:1 - The accumulated CF must equal the DP,...which means the property is now basically free since the recovery of the DP returns all of the cost to the REI. 

Over the past two years, I've been working two jobs and channeling all my income into my Roth IRA and savings account.