Combine that with some government austerity and the debt issue improves.

Make sure your financial advisor understands real estate taxation, financial planning and tax planning. 

Why not use bank debt or alternative lender debt if you don't qualify yet for bank originated debt?

If you don't have the extra cash, can you get creative with a private lender or partner stacked on bank debt? 

So, if you don't know how to build financial models, there are some available that are pretty good online (adventures in CRE is a great resource).  

The question is mostly a personal financial planning question and it depends on your preference and what balance of risk and access you'd like and would be comfortable with.

All those people you perceive as broke ,financially illiterate or irresponsible live somewhere unless they are homeless.

Debt is rarely a factor in their issue. the ultra wealthy I know  with a few exceptions have very limited debt.. to no debt. 

Prioritize your financial stability.

Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?