2nd Investment Property - Too Soon?

[Daniel T Stockman]

Happy Friday! My wife and I are currently in the process of closing on our first investment property (We are very excited)!!! It has good CoC ROI and will Cashflow fairly well, once fully leased and after all CAP Ex, Vacancy, etc. After closing, we will still have some cash we'd like to invest somewhere and are contemplating sitting on it or investing in another rental property. We've found a property, in the same community (as our first), that would cashflow and will have a similar CoC ROI.

The issue we are having is that, if purchased, it will bring our emergency fund down to the 4ish month mark.  We would still have other assets that could be sold in a pinch, but we are wondering if it's worth having 2 properties earlier (i.e., more risk) or waiting to have a bit more in savings to make the purchase.

We'd love the advice of some more "seasoned" investors on the dilemma we find ourselves in.

Thank you in advance for your help and guidance!