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Not just taxes and insurance, but property management (if you do it yourself, you still need to be paid so include the expense), utilities, vacancy allowance, capital reserves, administration expense, advertising, paroll (if applicable), etc.Also, the 100 year flood plain concerns me.

I like the first house. and I do not want to lose the opportunity to bid on second house but I am concerned about if both banks accept my offer and I only have money to purchase one.

The biggest concerns as I see them are:- Rehab costs are possibly more than $2K, something unforeseen can bee $5K- Vacancy - lost rent is a killer- Who pays the utilities...these can be brutal if you have to pay them all.- Management costs or the cost of your time to manage

Of more concern would be your DSCR.

Hey Svetoslav,You seem to be missing "The bank appraised the property at $440,000", which is the total value as far as the bank is concerned.

My wife is concerned that we would be unable to live in the property. 

I currently have an extremely successful career in fitness, and it is my fulltime profession. 

I am in contract and sign the first of next month.My concern is that the banker is telling me the underwriter may not approve the loan because the units are to similar and they will feel I’m only saying I’ll occupy the other unit to avoid the invester fees.

I live here in Cleveland and people are flying in from California and New York in droves because the cost of entry here is so inexpensive, but the market is hot and stable with an extremely healthy demand for housing from strong working class population.For $20k here in Cleveland you could pick up a, 3-5 bedroom rehab.