I would rather recommend being a maximum 3-4 hours drive from whatever market you decide to get into. 

,  occupancy rates, capex plans, competitor rental rate study, market study, etc.  

Considering recent market insights, reallocating your $300K brokerage account into a multifamily property while keeping your townhouse rented could be advantageous.Warren Buffett’s Berkshire Hathaway has accumulated a record amount of cash, suggesting a cautious stance due to potential market overvaluation.

Quote from @Yaroslav Shtogun: Good morning,Some updates, we did home inspection and the house is not good condition since it was built in 1950 and was not maintained well.

The area has seen growth in both the residential and rental markets, making it a potentially lucrative investment.For financing, you can explore options like conventional loans, FHA loans (for owner-occupied properties), or even local programs that might offer lower down payments for investment properties.

Screen tenants thoroughly, have a solid lease, and maintain an emergency fund for unexpected expenses.

This deal was brought us off-market by a friend.

(The exception would be the rare deal where the property changes hand for a price far below real market value).The sub to or wrap adds a certain degree of ADDITIONAL risk of failure.  

Best if the people you work with are in your area and know your market. 

Even when the market is down, gradually adjust rents so tenants don’t experience a huge price shock later.