Or wait until we have 2 incomes to build more of a solid financial safety net. 

Put safety first by looking closely at homes, guessing fix-up costs, working with good workers, and having backup plans for surprises.

Most lenders/investors are wanting a margin of safety in investment loans given where the economy and RE cycle are at.

You can always try check with the city's planning or building & safety departments to see if they have any type of file related to the parcel, and if they do, if there is any due diligence in the file, i.e. soils, etc. 

(additional info: changing the stairs or getting new ones would be a massive undertaking)You might be able to get them to sign some sort of waiver, but then if anyone gets seriously hurt it likely won't save you.Some attorney will argue you willfully ignored a known safety issue, and as the "big bad landlord" you'll lose your shirt and then some.Plus, your post here will be Exhibit A and definitely won't win you any points with a judge!

It helps me very much in measuring our next steps.

Guest safety is the most important, yet overlooked, priority for investors.

The numbers may look great on paper, but if there could be a larger threat to your safety than you bargained for, websites like neighborhoodscout.com can help you navigate that dynamic before learning the hard way!

Safety comes with numbers.

That's what I suggested you consider, an ADJUSTED measure of doing REI.