I can tell you im moving to a different state, just got married, have very small debt, alot in my savings and want to set myself on a path to have multiple real estates producing enough income that my wife and I (no kids at this time) can do whatever we want for a living without worrying about income and live in a comfortable home (1,500 sqft home).

If you want more information, p.m. me and I can give you a lot more details.Deeply appreciate your points.I know this will sound incredibly lazy.. 

Case 2: I want to maximize my yield and build wealth as rapidly as I can, without taking crazy risk: In this case, you can refinance the properties, likely pulling out $100K+, and use that as the down payment on multiple additional properties, or larger multifamily properties in your area.This would increaese the effects of leverage on the portfolio (compounding returns positively in a growing economy and negatively in a recessionary environment), but over time be highly likely to build more wealth, faster, with some added stress and the need to more closely  manage operations in a much larger business that in initial years likely won't produce as much cash flow. 

Great way to produce income!

That same property today is producing over $2k/ month in cash flow plus about half a million in equity. 

I don't use the garage much except for some storage, so using the space for an income producing alternative sounds good.   

If you finance that with an 80% loan at 4.5% for 30 years and manage it yourself, I get that it produces a 12.3% cash on cash return. 

We can do basic handy man skills.Hi Jessica,Personally I think this is an attractive looking house from the outside.If I were looking to buy it, I'd have a property inspector go out and look the place over and produce a written report.Paying particular attention to the roof, brickwork, electrical (including service drop amperage in place and available) and plumbing, as well as possible basement flooding reasons (probably why the basement wallboard is missing).If he recommended having additional inspections done by, for instance, a licensed Electrician, or a Roof inspector, I would have those done too.A written report should pick up (most problems--but not all) and allow an estimate of repairs to be made.With a house of this age I'd also have a sewer cam inspection done to see how that system is.The information in the reports, would be part of my go/no go decision on the purchase.You mentioned A/C.  

Incredible long-term, cash-flowing performance as a long-term rental property (no vacancies ever!).  

Incredible short term returns lead us to believe that these returns are likely to continue and our investing strategy is safer than it really is.