3.5% down to buy an investment property is a misnomer

[Andrew Curro]

I often hear people say "I only had $10,000 and I was able to buy a duplex in a nice neighborhood with an FHA loan, you can do it too! It's that easy". Seems like this is disingenuous. They leave out closing costs, emergency fund, necessary renovation. Am I missing something?

I’m looking to buy a 2-4 unit in a class B neighborhood in Albany NY. These are currently going for $300K-$400K. I estimate that I’ll need $52,000 to cover down payment ($14K), closing costs ($18K), emergency fund ($10K), and necessary renovation ($10K).

Thanks for the help.