But, the same economic forces that are pushing the cap rates down are also pushing the incomes up.

Especially during this economic climate.

That will certainly play a factor in the economics.

No wonder American cities remain far less livable than our European counterparts...Regarding the economics, a 9 year ROI is tremendous in a market with a 3% cap rate.

Not rushing into to other deals right of the bat will allow you to focus on the basics of residential property investing; including the economics, learning how to manage, not to mention whether this is something that you actually LIKE doing. 

If you come to Fayetteville I host a meetup regularly I have a very active online book club (not real estate though it's mostly philosophy, history, and economics)

If the transaction was too long ago to be relevant, you can try to extrapolate with some easily accessible economic data like inflation numbers or average rate of real estate appreciation in your area from that year until now....Or as you eluded to if the square footage is simply less say 1500 sf for the 3 beds and 1100 for the 2 beds, you could figure a price per square foot on the 3 beds and then apply that to the 2 beds. 

IM not saying to not put your rentals in an LLC because this is not biding advice, plus I am not familiar with your own personal economic facts and circumstances, all of which come into play.

That part of the country is certainly very beautiful and close enough to large cities to have a vibrant economic engine.

I've read on the internet where people are forced into this by economic problems.I've also talked to 3 different people who've done this.