Napa is a "no go" and @Casey Maib summarized the situation perfectly.

Generally speaking, if you're looking at a property and it's showing expenses of 25%, the 50% guideline gives a new person a basis to believe that number probably isn't the full story.There is no perfect, there is no way to know everything, this is just a nice, easy, straight forward starting point.

As for terms such as "bachelor pad", "not suitable for children", "perfect for older couple" etc. while usually harmlessly intended, are pretty obviously not kosher with fair housing laws.

Your 1 2 3 summary was perfect!

In a perfect world an all around wage increase would be amazing however, one needs to think like a business and realize the extra cost of wages has to come from somewhere.

@Christopher AnelloHi Christopher, I am a firm believer in house hacking and highly suggest it to those just getting started in multifamily.It's the perfect way to learn the business from a very "boots on the ground" approach.

Sellers can easily sell their properties as buyers will agree perfectly with sellers' assessment of value and there's no need for transactional help from brokers, wholesalers and investors.Profit is made when smart investors create value or recognize value that the inefficient market does not see or does not know how to create.On the other hand, the efficient market hypothesis does not even work in the stock market either.

But for the right people a duplex like that could be a perfect set-up.These numbers are just off the top of my head, so take them with a grain of salt.

Your client sounds like a perfect candidate for our funding programs, and would be happy at the opportunity to earn his business. 

I've had one for many years, it has always worked perfectly, and I even use it  (with a small plate frame heat exchanger)  to heat the 'boiler water' for the space heating of the second floor of my house.