So far, I've been using the BP calculators to analyze single family homes. 

Eventually I would like to get into single or multi-family rental properties. 

My main interest is in multifamily homes, but that's mainly because it's easy to see the rent potential in multiplexes ( I mean, that's what they were built for) and haven't developed the eye to see the potential in single family homes.

You have more than enough votes to sell all the units to a single investor and everyone can cash out for a nice profit.

In order to convert the house into three units it will need at least $ 105k in rehab.I believe a savy investor can turn the current property into three units plus develop the two l0ts and build two duplexes or two single family houses ( arv for the area 2/2 130-140k 3/2 160-185).most houses in the areas are rental properties although is a very convenient area close to all major highways, MLB Statium and 15-20 minute drive to city capital (Atlanta). i would like to wholesale this deal or possibly partner up on the deal..

Do you only do single family rentals?

All single family.Now the tenants usually have less then 700 credit.

But make sure to include the income from your son's rent.  2) When talking to the lender, ask again about the debt to income ratio but this time include the potential rents from a single family residence (SFR), a duplex, a triplex, and a fourplex. 

Single family residential homes/apartments are still going extremely fast. 

The local buyer market up here is tough, most of our investors are looking for suburbs and single family but the Syracuse market is saturated with dilapidated multi family homes.