Having this in mind, I'm having a hard time deciding if I should purchase a more expensive (160k-190k), new property Triplex (built within 2 years or purchasing a property that is cheaper (120k-150k), already tenanted but it is only a duplex. 

PROs:Adds a level of professionalismAccess to MLSNetworking with other agentsAccess to resources of TREC, TAR, NAR, SABOR, & other groupsListing your owner propertiesAbility to earn commissions (or given them up in order to get a deal)Ongoing education that keeps you at the forefront of the market, legal issues, & trendsCONs:More liability (assume professional liability)Some people just don't like RE agentsRealtor - often considered the last bastion of hope for people who have failed to launch a  successful career in anything else.Dues, Fees, Insurance, Expenses in GeneralSubject to rules and laws that don't apply to non-realtorsHaving to work with TREC (they are just very slow and cumbersome to work with)For me, I find it worth it to be a professional in my field.  

They may have mandates that essentially require stick-built houses, which would be more expensive, and may make the lots financially unfeasible.That could be another reason why the lots were never built on.Lastly, consider that if it's a package deal, some of the lots may be buildable and some may not be (or may be more difficult, less profitable). 

If you rebuilt for 80k for even numbers, it would take you 11 years at $600/mo in rent to recoup the 80k not to mention other expenses.  

Everyone raves about Tech Terrace and the area near campus but the houses are so expensive that your return decreases really fast.

Only expenses are lawn and typical maintenance. 

Not sure how expensive it'd be. 

Hard money is expensive, but most larger flippers have more resources and are not going to pay 15% and points on their money, I assume.Best,JTM

How you would cover expenses with that scenario, I don't know.  

Just remember to use your estimated expenses (not the advertised expenses).