Owner-occupied commercial properties generally get better interest rates and terms when compared to pure investment properties. 

From my understanding, no one is employed, they are somehow current with the rent, but they are definitely not someone I would offer a new lease...not even at market rate.  

There is a remedy for that but it is not cheap. 

-How are you getting a 3.75% rate?  

This is not "cheap" but I also think it might be worth it.

Coupled with persistently high interest rates that may last for years, rising insurance premiums are inevitable, regardless of your property’s condition.

The maximum fixed-rate period seems to be seven years, and there is generally a balloon payment at 10 or 15 years.

Never buy without personally inspecting and approving the property and INDEPENDENTLY, INDEPENDENTLY, INDEPENDENTLY, verifying everything from values to market rates, to approving tenant selection procedures and standards, to repairmen on standby, to everything else in Christendom that you can thing of.I am not a fan of out-of-state investing, especially for those with less than 50 years of experience, and for them, they’re probably too old for the hassle. 

(You’d had to negotiate a really good rate/deal on the second to get this to one to float).

I financed this deal on a 30yr conventional loan and I put 11,000 down with a 6.625% interest rate.