How large of a project is it?

Calculate that expenses are likely to be higher, revenue likely to be lower).Value for 1-4plexes is largely determined by sold comps, not by commercial market cap rate.

On a grading scale from A-D, I would consider that neighborhood class C.

The few multifamily units in the 37122 zip code are located north of I-40 except a couple large (100+) new construction multifamily located in the Providence neighborhood immediately south of I-40. 

Every time I hear people complain about getting an very large "assessment" from the HOA, it is because they bought a unit with a poorly managed and underfunded HOA. 

This is an expense that is largely over looked and can be a huge contributing fact wanting to get out of the investment because it now becomes a burden that could have been avoided. 4.

I get what you are saying about karate and fitness not really being a scale-able business model and being at barely breakeven levels for the owner.

It would also get you practice landlording on a smaller scale. 

The large differences in living is how the utilities are managed; separate A/C systems in each room, separate water heaters in each point of use; i.e. bathroom & kitchen.

That is also a large factor in where I am looking of course, with harrisburg I am more willing to pay a higher price because of the close distance to the large universities.