Buying a car wash is more like buying a business with a real estate component attached.  

@Benjamin BlackburnHi BenI would find a local real estate investment club and plan to attend regularly - especially if you find one that has an educational component. 

I wanted someone to review my personalized calculator and suggest any edits.Monthly rent (and other additional perks)(less) vacancy lossGross monthly operating income (A)(less) Monthly operating expenses (B)Property managementProperty taxesUtilitiesHOA (if applicable)Repairs and maintenanceNet Operating Income C = A-BNet Annual Operating Income D = C * 12Cap rate = Net Annual Operating Income / Purchase priceDown Payment = (This is my own investment)Monthly Mortgage (Principal)Monthly Mortgage (Interest) Cash Flow Annual = (Gross Monthly operating income – Monthly Operating expenses – Monthly Mortgage (Principal + Interest) ) * 12Cash on Cash Return = Cash flow Annual / Down paymentTaxable deductionFrom Interest deductionFrom operating expense deductionFrom ownership expense deduction(Depeciation) = Purchase price / 27.5Saved in Taxes = Taxable deduction * (your income tax bracket)Increased Equity = Annual Monthly mortgage (Principal component)Total returns = Annual Cash flow + Saved in Taxes + Increased EquityROI = Total / Returns Down paymentWhat typical ROI is reasonable to expect from 2-4 unit multifamily rental unit?

I was a property manager a few years back in C neighborhoods in the Midwest with a great value add components to them when looking at a purchase.As far as your numbers are concerned, here are several things you should take into account with the run up to the closing:Deferred Maintenance: are these all sub-metered (water/electric/gas)?

Or help identify the key components or variables I should focus on when analyzing duplexes?

I would call an a local HVAC company with a good reputation to survey see what they charge for  the components and see what they charge for  a service agreement on the existing.

Did you do a walk through of the home and get a could feel for the age of the major infrastructure components like AC, furnace, roof, hot water heater and kitchen appliances?

I have discovered two portfolio lenders that might be able to help; LimaOne Capital and Peak Asset Lending.Has anyone recently completed a cash refi with LimaOne Capital's Rental 30 program?  

I actually got to talk to a seasoned investor and he said the deal seemed good, but there was probably a catch.After doing some research I discovered that University has recently changed their housing to make it required students live on campus for four years.

Since hosting via Airbnb, I've been researching the other local listings for comparison and discovered that most local Hosts don't mind their guests using marijuana, however they will be typically limited to smoking in the outdoor areas of the property.