Buy something 'out of favor' right now to maximize equity capture either in traditional stocks/ mutual funds or that amazing RE opportunity off-market that nobody else has the vision for.  

Capacity ( cash etc)  ( Credit) Cant refi if they get stuck and Collateral ( negative equity) and Character ( they just walk or rip rents on purpose and screw the seller The 4 C’s, oh man I’m definitely not playing with those old school rules that favor the capital partners.

I want time to work in my favor, which means I need to buy sooner than later. 

If you start simple and small and stack the deck in  your favor, odds are you will find it easier to see where your path might lead. 

Do me a favor and look at your DM's

Your size of project is a bit different, but it should still be a favorable place for your project!

We will return the favor for our kids and hope they find good careers.

Not all investors share the same goal.If it's strictly positive cash flow, you're going to have a tough time meeting that goal while living in one of the units these days in Belmont Shore.Under the current economic decisions, if you're going to live in one of the units, a more realistic goal might be to subsidize your mortgage with the other two incomes to bring your mortgage payment down, build equity, ride the market appreciation, force some appreciation of your own, refinance when rates are in your favor to crush the mortgage payment down, and keep positive cash flow for a long-term goal.Belmont Shore is a nice area where homes hold their value well and enjoy good appreciation as well as strong rents and in general, the type of renters landlords are looking for.Belmont Shore is also a good area for short-term rentals and you may want to consider renting one unit as an LTR and the other as an STR.Ultimately, your situation is going to dictate whether this triplex is a good investment for you and your husband but as a Long Beach resident, I know that Belmont Shore is an area that people aspire to buy a home in.

But I'm also of afraid of missing out on a good opportunity to get a townhome in a expensive popular area at the price point and interest rate I find to be favorable. 

This trend is expected to persist, driven by Birmingham's affordability and favorable living conditions.