My qualification standard is 3 times the rent so that is 64,800 so tenant number 2 barely makes it income wise but would have less turnover. 

Therefore the rent barely covers the PITI by $200/month. 

Anyway, my best CAP rate estimate for you, assuming tenants cover electric/gas/internet, and you pay around $200/mth in water/sewer/trash, $180/mth insurance, your operating expenses for the year are $15,780 bare bones, and making your net rental income $6420.

There just aren't enough comps for multi-family in the area to drive the appraisal price we needed to cover the remodel and pull our money out, it also pushed the loan price to a point it would barely cashflow. 

Unless there is a paper trail of active participation between your broker and his ex (your client), you should be on a 70-30.

Now even though you can't actually buy property now, you can still participate in the REI sphere to gain more experience/knowledge.

For instance we just purchased 49 units and initially it was on the low end of our criteria (just barely made it) We then ran a proforma with the improvements we thought we could bring and it now easily meets our criteria.

I think being strategic, not getting overleveraged, you will be able to participate in any decline in prices. 

The best value to rent would be 1500 for bare minimum - and no room for mom when I come to visit :-).  

Been leaning towards that area, it definitely feels like the Triangle area is bare of good deals.