All other things equal, I think fewer tenants would equate to less of your time spent managing the property.

I know some investors say I should take into consideration appreciation, however I don't count this in my equation prior to making an offer.  

No lie, I'm big on formulas and mathematic equations to calculate risk/ reward/ etc.. 

Take that out of the equation entirely.Focus on the numbers and the profitability of the project.

You are right, I had to pay property taxes on the home for 2014 which equated to around $4k. 

Management fees are 8% to 10% on all homes so that equates to less than $100 per month.  

I have an equation that goes like this:MAO = ARV - Rehabber's Profit - Repair Costs - Fixed Costs - Wholesale Fee (Wholesaling Equation, obviously).

So the area where you are building factors into the equation too, as well as the style of the house.

Hey Paul,We will get together soon.This month has been crazy.I like personally larger apartment buildings.With duplexes and tri's,and quad's there is a common problem you run into.Usually in a development all the buildings belonged to one person and were sold off over the years to different people.I have found that when different investors each own their buildings the type of tenant they let stay there and how they take care of their buildings vary.This causes a risk to your rent levels,tenant base,and future appreciation.It's better in the city as code enforcement can keep on bad landlords for compliance issues.If you own one development outright you control the buildings,utilities,improvements and roads,etc.On the houses I equate resale to the cost per door.An apartment unit is 1 door and a house is 1 door.You would need to project your exit strategy time line and what you think values would be then.From a cost per door standpoint apartments are generally cheaper for value add deals than houses.Houses you would have to sell each with their own closing unless you did a portfolio sale at a discount whereas the apartment complex would be 1 closing and reselling to 1 buyer.

I got a pre-approval letter in addition to the bank statement and got an email via equator that a BPO has been ordered.