It's in a great location with future appreciation.

Congratulations on your great income ( I know it might not be great by bay area standard )I am in bay area, and these are the few things I have learned:-- investment should make sense today, and not only in the future, as present is certain, and future is not!! 

Furthermore, Intel is spending 20 Billion dollars to build two semiconductor plants, and many more great things presently and coming in the future.

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I wouldn't personally choose this model in Houston, as a more down-market clientele would be more expected since rents aren't that bad and with them comes the kinds of problems that you don't want in an unattended rooming house. 

It takes you couple years to double your initial investment and then when your long-term tenants are moved out, expect to renovate the property, which usually cuts quite deep into your overall profit. 

This, I hope, will lead me to buy multifamily properties in the future.

Lenders will offer lower leverage on land than most other assets and expect to front the diligence, civil and architectural fees to entitle the land which is where you create value.

This is all more confusing and concerning that I'd expected it to be ...

If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.Our OPINION for the Metro Detroit market (always verify each area for yourself!)