At first, I was hesitant about the location, but after culturally immersing myself it was not as things appeared.

(I'm probably a bit late to the game but I'm under contract already and just wanted to check and make sure that I ran the numbers correctly)Price: 220kRents: 600 Per unit (2400/mo without me, 1800/mo with me)Mortgage: ~1250Insurance: 185/mo, 2200/YearTaxes: 125/mo, 1500/YearEst Monthly Payment (PITI): ~1575Utilities: Owner pays Water/Sewer/Trash (avg 150/mo in 2014), Tenant pays lights, gas, heatVacancy: (5%) 90/mo, 1,080/YearMaintainence: (10%) 240 I will be managing it myself while I'm living thereExpenses: 1575+90+240 = 2,055Rent = 1800 while I'm living there, 2400 while Im notCash flow while im living there: (255)Cash flow after I move out: $345/moDown payment: 7700 (FHA Loan)I Plan on staying here at least one year to satisfy the FHA requirements and then will be looking for another multi family property to purchase. 

Yes all taxes are current I ran it through the Bp calculator and cash flows around $650 a month after everything

I have a couple of scenarios that I ran yesterday for this very reason but i can't seem to add them to this message.

I remember going to a park where we walked around the bubbling geothermal springs, and also spent the afternoon at a Maori Cultural Center.

I ran across BiggerPockets a few weeks ago doing a google search and have hooked ever since.

hi @Chris K. thank you for responding to my post and sharing your knowledge on the town. so i ran the numbers on the property and here it isPurchase Price:$70,000.00Estimated Repair Costs: $0.00Total Investment: $70,000.00Mortgage Amount: $52,500.00Cash Required: $17,500.00(Out of Pocket Money Required) Estimated Gross Operating Income: $2,000.00(Estimated Rent per month): Monthly Expenses: Vacancy Expense (%): 10.00%Management Expense (%): 10.00%Repairs & Upkeep (%): 10.00%Adjusted Rent per month: $1,400.00Property Taxes (Year): 3,900.00Insurance (Year): 1,600.00Additional Expenses: 200.00Cash flow before Debt Service (Month): $741.67Debt Service (Mortgage) Loan Term (Years): 30.00Interest Rate: 4Mortgage Payment (Month): $250.64Monthly Cash Flow: $491.02Yearly Cash Flow: $5,892.28Annual Return on Investment: 33.67%This deal was calculated by Deal or No Deal Real Estate Calculator :

When I ran the numbers on buying more homes with debt involved and going quicker, my actual cash held was less than owning fewer houses outright. 

I ran your scenario through with the reverse mortgage department and they said you can absolutely make this scenario work!

I ran into this with an electrical permit on a flip.