Owning a 2nd rental right next door to another thoughts?

Only negative is if the neighborhood takes a turn for the worse you are SOL on two houses vs one.

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DO YOU WANT CASHFLOW OR APPRECIATION??

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I would generally agree on cashflow, but I also like to buy properties I can sell if necessary. This is a normal neighborhood type of property, compared to something like a duplex or 4-flex that is ONLY cash flow.

Houses are selling for $110-130 move in ready. The new build that is about 1900 sq feet instead of 1000-1200 like most of the neighborhood is listed for $249. So its kinda in that in between area where its not low enough for a flip and boarder line too high for a good cash flowing rental.

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Only negative is if the neighborhood takes a turn for the worse you are SOL on two houses vs one.

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silly statement. HE would have years to get out IF need be. Not overnight. HE won't be SOL. I have multiple properties in the same neighborhood. Now do i invest in different areas and neighborhoods? sure. I have had tenants offer to buy my houses and investors and they have not even been put up for sale. If something DID take a turn for the worst he would have time to get out.

I don't think there is a problem owning 2 in the neighborhood. 5 in 1 neighborhood and maybe your concerned more. Write down a detailed review of your current property and rental history and maintenance. How long have tenants stayed? If you've done really well then you'll probably be fine owning 2 that both cash flow well. From those numbers it looks like you are at about a 12% yearly return which isn't horrible but not great either. Depends on your market. In my market anything less than 15% isn't a good deal. If it's been on the market that long low ball them. See what they say. Like others have said I'd focus on cash flow almost exclusively.

Things to consider
Cash flow > overall quality of neighborhood > hopeful appreciation > 2 houses in 1 neighborhood

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From those numbers it looks like you are at about a 12% yearly return which isn't horrible but not great either. Depends on your market. In my market anything less than 15% isn't a good deal.

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This is more of what I was saying. I don't know if appreciation is the right term, but I personally don't have many "amazing" cash flow rentals in my area because anything decently low gets bought as a flip. That's why I compared it to multi families, because flippers leave those alone generally so you can find some better deals. They just don't have the sort of appreciation and stable neighborhoods like you can find in a single family.

I agree cash flow is better, but I don't see many good deals.

Some of the benefits I was thinking about is I should get cheaper Lawn service, guy can cut both at the same time. Very easy to check on both. I usually pick up all my checks in person and change their air filter at the same time. I've only owned the current property 2 years, but when I listed it for rent online I got something like 13 calls in the first 24 hours. So I know this will rent very easily to a good longer term (2+ year) tenant.