As far as the FSBO I subscribe to a service called beenverified . com to find current address, emails and phone numbers of people 

if I go by your numbers 54k purchase price amd 24k for rehab  that's 78k you're going to rent 2 units for 750 so that's $1500 a month.you should calculate the expenses taxes ,insurance,maintenance etc and see if the cash flow will make sense.. you can use the 2% rule which in this case looks like you're right on the money. . so if 54k and 24k are right numbers and this is not a complete war zone were you would get your $1500 every month with no problems than this should be a good deal..check again for the rehab costs with a local contractos ask to have written estimates. also see if you need to pull permits.. these takes time and money. .good luck!!

He estimates to spend an additional $58k over the next 10 years for maintenance and capital improvements. 

Obviously the income stream would be split 5 ways, but so too would any maintenance costs, thereby reducing the overall risk of not being able to meet any unexpected bills. 

I also look at straight ROI - as this includes debt servicing whereas the Cap Rate does not.  

I'm currently still active duty military, and my goal is to get my real estate business firmly established in the next four year so that when I get out of the service I don't have to apply for jobs unless I really want to (probably not).

On a home that had been properly rehabbed, this should be a sound financial investment.Considering the fact that you are investing in real estate with unknowns - tenants, unforseen maintenance issues, insurance claims, etc - to me - a 4-5% return doesn't seem like an adequate return on my investment (risk vs reward).

Years ago I had a tenant sign a lease but ask if he could hold off paying the security deposit/rent until the 1st of the month when he formally moved down here (he was visiting his daughter at the time) and received his disability check.This guy was an older, 100 percent service connected veteran.  

Hi Joe,But then again there are those that do manage across the great East / West divide ;).I have been working with a PM for the past two years and quite happy with their services.

Craigslist(Search)Look through the "Real Estate Services" section for cash buyers.