I'm starting to look for a first property, probably a duplex, but open to a SFR or a fourplex.  I'm looking specifically in Vancouver, WA.  Any help is much appreciated!

I would advise yourself, your agent and potentially a lawyer to read the lease. 

Hello EveryoneI'm Real ABR, GRI Estate Agent in San Antonio Texas, I mentor new real estate agents and investors to train them the whole prosses and TREC rules.

I am an investor friendly agent!

I am an agent so I have access to the MLS.

I say “Yep”.When the bank came back with the increase in EMD from $500 to $2500, I asked my agent if that was because they wanted to increase the likelihood that I would not walk.She said that she believed that was the case.So, I believe at this point, ensuring I close is more important than the sales price.Plus I already stated that $17,500 was best and final.So, I countered back at $17,500 with $2500 EMD.It was accepted.My lender couldn’t believe it.After closing, the bank and I discussed financing options.Since it ended up being all my cash for the purchase, we decided on a construction to permanent loan.We got an appraisal value for its as-is condition and it’s ARV.When analyzing the property, I tried to be conservative and used a $120,000 ARV.As-is condition came back at $60,000, and ARV came back at $145,000.Comps were had to come by, as this is a small, rural town and there hadn’t been many homes sold recently.The bank would ultimately lend me up to 75% of the ARV, or $101,000 in 4 draws.The loan would be interest only during the renovation, and convert to a mortgage when completed.The loan is 10 year fixed at 6.25% with a 25 year amortization.Projected costs: Electrical work--$5,300Renovations--$64,000Zoning Hearing for approval for conversion--$1,500Insurance, permits, property taxes, and other holding costs--$2000Total Budget--$73,800Renovation took just under 3 months, with virtually no surprises.The electrician came in at budget, and the renovations had $4,000 in overages.With the purchase price, loan costs, and renovations, I am right at $101,000.I also believe that if I chose to get a new appraisal, it would come in much higher, as since the first one, a few houses in the area have sold and would support a higher value.So here’s a quick run-down on the numbers:All-in price:$101,000Value:$145,000Income:$850/month x 2=$1700Monthly Expenses: Maintenance 10%:$170Capex 10%:$170Vacancy 5%:85Electric:$20Trash:$55Insurance:$100Property Taxes:$185.33Mortgage:$666.27Total:$1451.60Monthly Cashflow--$248.40Money in the deal—ZERO DOLLARSYes, I know that I did not account for property management in my numbers.The reason is that there is industry moving into the area, and higher paying jobs as well.I believe that rents will increase and support property management down the road, if I choose.If that doesn’t happen, well then I’m stuck managing forever or selling it at some point, but it is a risk I am willing to take at this point.Is this deal a home run?

There are of course (sneaky) ways to inspect the property without tenant being aware of the sale discussion (posing as insurance agent etc), however I do not want to run this business in a sneaky way, and even create a perception of being scam-y or sneaky with the customers... 

What I'm not doing is contacting a RE agent for the list.  

Some potential drawbacks to keep in mind are:Additional closing and loan origination costs (two transactions/mortgages instead of one) - speak to your lender and title company about costsTwo insurance policies instead of one - probably close to double the insurance cost as compared to a duplex - get a quote from a good insurance agent and compareTwo sets of property taxes instead of oneThese certainly aren't deal killers, and the benefits noted above may outweigh the disadvantages.

You never know what information your tenant is telling prospects and if what they say does not line up EXACTLY with what you advertise you immediately lose credibility.You really need, at a minimum, a professional leasing agent to show the home when the current tenants are not home.