Olu - Assuming the geography and style/type of building fits your criteria (others have made comments that you should consider) the other part of this discussion on whether this is a "good deal" is the ability to increase the NOI of the property over time.

Another thought is converting my Cape style home to a multi family.

Lol, 'the 70s were a weird decade fo builders and the lack of any particualr style is a setback as well.

For short-term rentals, I would follow the Airbnb workflow model as they have it nailed down, but would also love to learn what others have been using or working through.

One option is to fix it up & then borrow on the equity sort of BRRR style.

Once you get your systems down, you have a real estate business model that you can take to any market and be still be successful. 

Those who are keeping the loan in-house often impose more restrictions and tighter terms (called "overlays") than those who don't.Do you have a model in place to figure out a purchase price? 

I think everyone has their own style and business model.

With this model you use your 1031 exchange to purchase two replacement properties. 

According to my notes, we had a property under contract in December of 2018 and once the inspections were completed, you chose to back out because there was too many repairs and the numbers didn’t work for you and your business model.