I would definitely factor in some substantial capex/ maintenance and repair costs which could lower your returns.  

One thing to add is that when you buy a new build, your PITI will likely not be factoring in the correct state tax number.

Nonetheless, I am not out to impugn anyone's intentions and I do understand (as Jay rightfully points out) that the self-employed (my situation for the past 20 years) especially run into times in their lives when conventional lending sources are of no use due to limited reportable income and other factors (such as when, for example, you retire in your 50's and begin to live off of your lines of credit, etc.). 

@Damon AlbersI hate the alphabet rating system because it is such an arbitrary thing that boils down many important factors to one letter. 

Water and sewer about 200 yards away.  1 mile to the main highway.  

See, when building a portfolio, appreciation is key, and the #1 factor that will dictate things.

Here’s my two cents:Paying off the condo might make sense if your main goal is to reduce risk and enjoy the peace of mind that comes with no mortgage.

@Theresa Amouzou A lot of factors go into finding good deals.

Remember, historically only about 1/3 of LWO/CD buyers close on property, so odd's are you will be with a different finality.And you have to factor that odd's are it wouldn't come back after 3yrs list ready, that's just reality of things. 

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).