You have low property taxes, low rents, high cap rates to compress, utility expenses were manageable,etc.These days cap rates are low for the good areas, most rent growth has already happened, counties and cities are out like crazy raising property taxes and even if you appeal and win they still go up some, and utility companies like water even with no leaks are raising the water and sewer per gallon usage rates because they kept flat in the down turn.If you add all of these things up for the yield versus more passive commercial assets I do not like multifamily at this point in the cycle as much as I did 4 to 5 years ago. 

Or is it flat out not worth the risk?

The subdivision is very nice, a recent new build that I'm basing my comps off of sold for $300k.Lot: $48k - free and clear- owner putting it up.Construction Costs- $180k for a 2200 sq ft bungalow, on slab foundation, with nice upgradesCity utilities and flat fully treed lot.Total All in including the lot $228,000Sales price - $300,000 on the low side.4-5 month build time.Does this deal make sense? 

It can go down in fast and saves material and headache and keeps the surface flat and smooth.

Anybody ever had experience trying to rent out a 2-Flat in winter (Mid October thru March) in cold weather States.  

The ideal building for you would be a two flat with an illegal attic apartment, that's how I got my start and it provides optimal rental income while you live in the illegal apartment and don't report yourself to the city!

Do you add a flat $1,000 each month to rents and enjoy a $700 gain in off-months, or are you priced somewhere the middle to come pretty flat after aggregating? 

The largest town is less than 10k altogether.

I have it rented for 600 euro flat with all utilities and parking included.

If you bought in 2007 just before the big crash did it drop a lot in value and is now coming back, or is real estate just flat?