Four comparable homes within a 5-block radius have sold for an average price per square foot (I was a local appraiser here for 6 years) that would indicate a sales price between $87,755 and $89,863.

Hi Ian, don't use single family comparables when valuing a 2 family, they are different animals.Try first to use other 2 families in town with different bedroom/bath counts.

I spoke to an appraiser and he said these are not eligible for use as comparable sales. 

After i'm done, I'm able to do rate and term refi's which local banks are much more open to doing as compared to cash out refi's.And I've actually brought a couple of other investor friends to my lender and my previous lender.The key is that the terms have to make sense for an investor to incorporate into their model.

If you've decided to sell the house, my recommendation would be to do an analysis of how much it would sell for given various different rehab scenarios:- No rehab- Light rehab- Medium rehab- Full rehabYou can define those terms above any way that makes sense for your house (and you can have many more point for analysis as well).Once you have the likely selling values for each of those scenarios, compare the cost with the potential profit (and the work involved) and take the approach that maximizes your return.

Compare them and don't be afraid to ask them if they can do any better.

Fundamentally, to the extent of my knowledge, the Bay will still thrive and grow for a long time to come.But the question of: "Is the cost of living in the Bay so high compared to the rest of the country (maybe historically, or just the affordability index) that it is now a very attractive option for a ton of people to start moving elsewhere?  

Hard money is really expensive compared to conventional financing, but does allow alot of flexibility.  

Thank you all - I have been a landlord for a single family home and that was so easy compared to this. 

Increase in Family Size - A borrower may be eligible for another house with an FHA-insured mortgage if the borrower provides satisfactory evidence thatThe has had in increase in legal dependents and the property now fails to meet the family’s needs; andThe loan-to-value (LTV) ratio on the current principal residence is equal to or less than 75% or is paid down to that amount, determined by comparing the outstanding mortgage balance to a current residential appraisal.Vacating a jointly-owned Property - A borrower may be eligible for another FHA-insured mortgage if the borrower is vacating (with no intent to return such as divorce, legal separation, etc...) the principal residence which will remain occupied by the existing co-borrower.