Also, without seeing the property, I would assume a 10% repair estimate is very low.

Now $40k offer price may be too low and won't be accepted, but I used the formula ARV * 65% - Repair cost to determine the MAO.

I guess I could make the argument that if you wanted to park your money, have a (relatively) low maintenance build, actually *wanted* to live there (as a person, not an investor), and didn't want any taxable income in the near term, then I could see doing it.

laminate is less expensive and is more durable  some  of the go to brands are allure http://www.homedepot.com/p/TrafficMASTER-Allure-6-...but I have used laminate from as low as $1.25 sq ft  

best bet is to hire a full season lawn / snow service that can do your property year round..Seasonal rates for each  snow and for lawn care.. get some bids.. your going to find the good companies are probably already booked for snow and won't touch you unless you contract with them also for lawn care.. so make sure and mention that when you call.. have them do the fall clean up.. and get started right away.. 

Also, if you try to buy two multis so close together with no (or low) downpayments, you're probably going to have a pretty hard time qualifying (unless you made a boatload of money & have no debt, in which case you'd probably have money for a downpayment).  

My want - What is most important to me is low money down, hopefully 10%, while also ensuring I have good cash flow. 

Properties are cheap in the city, taxes are low, and there's no Point of Sale.

Stories3Price/Unit$86,458.33Year Built1972Property TypeMultifamilyLot Size0.56 ACProperty Sub-typeGarden/Low-RiseAPN / Parcel IDWHAV-000048-000023 Financial Summary (Actual)Year2017Operating Expenses$101,837Scheduled Gross Income$245,376Net Operating Income$134,870Effective Gross Income$236,707Pre-Tax Cash Flow$36,876 Debt & Equity InformationDebt TypeExistingAmortized Over30Loan Amount$1,660,000Annual Debt Service$97,994Interest Rate4.25%Down Payment$415,000

Downpayment is only $10K through an FHA.... so it is kind of low.