First Post and Deal

[Curtis Shotliff]

Good morning, 

I woke up a few weeks ago and decided to get into the real estate game.  I have some medical issues that prevent labor already, sometimes typing in the office is to much. I and 31 years old and my hands are betraying me.

I love my 403b and am a buy and hold investor there. Figured I try to get a few rentals to replace my income down the road when I can't work. 

I live extremely rural in a community of 10,000.  The average renter makes between $26,000 and $36,000. The town averaged 4% vacancy in 2013 (the last time figures are available).  The average 2 bedroom rent is $681.

The real estate agent I bought my house from has put her duplex for sale. The sale of it would fund get daughters college entirely.  The list price is $49,900, recently dropped $5,000. Both units are currently rented, the costs won't be known until Monday. 

From the outside the property looks unkempt. Two trees either need to be trimmed or cut down.  Yard needs some love. The pictures on the listing showed clutter on the inside.  When driving by the property, the remnants appeared to be elderly.  One was outside with a medium sized dog. 

For financing I am looking at two or four different options.  Pull equity from my house and pay for it outright.  I really like this, because if 08 happens again we still own a duplex out right.  Pull enough equity from our residence to do a 20% down payment.  Wife likes this because our payment won't go up much.  (Our mortgage payment is 18% of my income.)  Borrow a downpayment from my wife's well to do parents- I really don't like this.  But my least favorite option, pulling the downpayment from my 403b.

Before I do anything though.  Does this deal make sense?  Am I rushing into this? What am i missing?

Thank you guys for your time.