Also, it seems that most of the properties I'm interested in end up having a tenant in one unit and sometimes even full vacancy. 

You can't forget the vacancy, repairs, CAPEX, utilities(if you have to pay any), property management.  

Vacancies are increasing, rents flattening.  

Utilizing the 203k seems like a decent option to get the rehab work done, but make sure you understand the rules, as you’ll have to be an owner occupant, which will play a significant role on your cashflow.Lastly, I didn’t see a budget for vacancy, repairs, and property management (even if you decide to self-manage).

Unit 1:3 bed 1 bath/ rent $1065  Unit 2&3: 2 bed 1 bath/ rent $940Insurance $1600, taxes $6000Current lease has OWNER paying for water - $2900 ( would have to suck it up until the lease is over ) Condition of the house doesn't appear to be too bad and in my opinion these units are under rented but of course wont pay for what COULD be, just saying that if these numbers work at all there is a chance of improving them.Obviously want to factor Vacancy, Capex, repairs and property management.

İf i calculated this property numbers, i will find this numbers....İNCOME :            1.5K EXPENSES:          370(mortgage)+375(taxes)+125(insurence)+75(vacancy %5)+150(repairs %10)+150 (property man.)=1245 dolar CASHFLOW:      255 dolar  down payment: 20k      ROI:% 15.3I ask for you ,1.

I'd rather not evict and have the vacancy.

Other things I need to consider are comp sales, rent, vacancy rate, crime rate, school district, neighborhoods, demographic etc.

Your risk is more diversified as when you have one vacancy it's no big deal as you have income coming from the other units.

With a 5% vacancy loss that's $68,536.8 (and I usually underwrite to 90% to be safe), 50% expenses (general rule of thumb) would give you $34,268.40.