If you got half of your original investment back plus the additional, that’s a 2.5X return on the called capital, or 10% over 5 years.

The way most house hack deals in Milwaukee pencil out at the moment is about half of what rent would cost for the owner.

Sometimes the client will say they want to flip the property but half way through the project, the client will want to make it a rental. 

For example, if I only held the loan for six months, I would only pay half of the total annual interest that was due.Additionally, the investor was always in the first lien position, with a mortgage recorded with the county at closing.

It’s currently half that or less.

That's the easiest, least expensive way to get started and investing in that way in your local market will have a much greater impact on your financial future than buying a cheap house in the midwest- those "cheap" houses tend to be very expensive. 

half of my deals we get paid off by a refinance IE they are BRRRRs  I have been doing acquisition and rehab loans for BRRRs starting in 2002 in Detroit.. done thousands of them for clients all over the US.

Instead of gutting a kitchen and making it all new, I would rather look for the easiest way to work with what I have.

For most multifamily, I'm seeing on 30 year amortization to boot.Reminder for the lurkers that this has nothing to do with single family homes, 1-4 unit residential all gets residential mortgage financing, which isn't presently as good as commercial.Odd world where the 8-unit property has a payment that is less than twice as much as the fourplex, even though it pulls in twice the rents, and has less than twice the maintenance expense (the price of the fourplex is likely to be more than half the price of the 8-unit, and more than 1/5th the price of OP's 20-unit, holding constant location etc, but that's another rant for another day).

Appliances and fixtures were old and tired.Basically, the core bones of the property were good, but there were a lot of things that seemed ripe for easy improvement.The location was great, right next to the town’s primary commercial district, with a grocery store 100 yards away, coffee shop/bakery, Post Office, drugstore, hardware store, hair and nail salons, barber shop, dentist, bank, a half dozen restaurants, and a variety of other shops and services.