By comparison Raleigh, NC is also a hot bed of growth and checks your boxes for tax and landlord friendly.  

You are burning your time in hopes of getting very, very, very lucky - and not getting paid for your work.For a comparison, I just hired a 19 year old caller (B2B) for my office. 

Look at everything, be able to see the comparisons, and then make sure you understand the trade-offs of each, and by the end of it you will know exactly which property you want.

These types of properties rarely have sufficient and accurate P&L's to arrive at a true cap rate, plus, residential properties values are based on comps, in comparison to commercial properties which values are based on the income they produce.

The problem I face is there aren't any duplex, triplex, fourplex near by for comparison, it's a single multiplex within a sea of SFRs.I happen to own the SFR right next to it. 

Yet, Texas housing prices fell only by 13%, in comparison. 

On avg. the market nationally goes up 10 to 12 years and then falls for 5 or 6 so I would look to see where your local market is in comparison to decide what the risks are for holding over 10 years.  

This will allow apples to apples comparison because everyone is biding on the exact about of piers needed.

I've never had a problem with any of my tenants in my single family condos which are located in Los Angeles, but that is obviously not an apples to apples comparison.

With that said, I have ran some different scenarios and feel as if I am missing something when comparing the 2 strategies.Below is what I came up with.A recent property deal (a small apartment)  I used as a comparison was this:Purchase price: $140,000Approximate value: $155,000Reconditioning: $5,000 - $10,000Down Payment: $35,000Annual Appreciation: 1%Approx.