When the tenant moved in everything was in good working condition. 

I would never do a post-possession without seeing the property unless we keep 80% of the fund on an escrow account contingent upon the seller vacating and the condition not being worse than described.  

My first property I bought here was in horrible condition and a complete gut job.

The way I understand it, you can own another home and still qualify for Fannie Mae's 5% down payment option for multifamily properties, provided you meet certain conditions.

Rent-o-meter is an ok barometer for prices but thats for average units in fair condition, with a good marketing plan, solid upgrades and some value add you should be able to get more than the average going rental rate for your units 

Again, market conditions were (still) different - good deals were oh so easy to get.In the following year, I finally learned about BP, and decided to become a real “real estate investor,” which (I thought) “required” me to expand beyond just doing buy-and-hold.

The interior is stuck in the 1980's but the condition of everything is still well-maintained.

I have a blog post where I talk about the power of buying via an assumable loan and I think this the only way to buy a profitable investment in today's market conditions!

The reason I ask is if the loan is near market rate (versus the rates available 2.5 years ago) then a refi to extract sweat equity could make this more worth the effort, risk, cost. to be blunt, with the numbers as presented and without any extract of value (refinance), I am unconvinced that the smart move was not to re-rent in current condition for $1k.  

Local economic conditions can vary by neighborhood.Key Considerations:Local Economy: Research the economic stability and diversification of each city.