When I crunch the numbers, using Bigger Pockets rec for 5% repairs, 5% vacancy, 10% cap ex, etc., we end up breaking even, zero cash flow.  

@David Taylor basic criteria for most investors is: $100+ per door, 10% CoC and 10% Cap rate.

Good 10-12 CAPs.

Any Fort Worth/ Tarrant County people out there with knowledge of the caps?   

There are plenty out there (Chase Ink, Cap One Spark), etc.

In actuality, you can start the cash out refinance 1 day after closing on the cash purchase but that is when you are capped on the new loan amount to be no greater than the purchase price + closing costs.

You can factor in about $50 per month per unit for both.Based on the numbers, seems to be a good deal but needs to verify the cap rate for the area and you can get that from a good real estate agent specializing in multifamily.The $77K cash infusion to increase occupancy, I am assuming will be spent on improving the interior finishes of the units.

For example, if you are buying a property that's valued using cap rate, then you have no inherent advantage looking at an area that has lower taxes.

I have saved up a reasonable amount of stock investments over the last 18 months, and have started to pull out as my concern continues to grow over the market reaching its peak as my shares start going to long term cap gains.  

@Suthy Maxwell with a cap rate of 3.75%, the price at $1.9 mil, and the rents at the amount you say, there is no upside to the investment property.