I'd probably sink a few additional bucks into the kitchen and the light pink tiled bathroom and unload it. 

At a bare minimum if you close, the seller is losing out on the old rent that's unpaid and paying it to you anyway.

Corning is small with a few Business Jack-in-the-Box,McDonald’s Burger King, Taco Bell,Denny’s small business is Daisy’s ice cream and yes a donut shop that has its costumers,a few cloth stores that are barely getting by and My father owned a restaurant in Corning sadly lasted 10 years so he had to sell it but he still owns three other buildings a salon that my sister runs a real estate agency and now an empty building.

If market rates were 7%...ok, then we have a discussion but the "floor" on most of those ARMS is just barely lower than what the current market rate is now. 

It is further from the strip so traffic is at a bare minimum. 

21 years ago, I did EXACTLY what you mentioned in your first post.... bought a 2 family building in Brooklyn, lived in the basement and rented the other 2 apts, did not have cash flow but at least broke even.Back then, I bought the property for $340k with a Mortgage of $272k, fixed.That Mortgage is nearly gone and 21 years of rent appreciation has given me a very decent cash flow as the rents rose way above my mortgage and other expenses.This is NYC, it is normal for Market Rents to rise very consistently for a long period of time, barely dipping.That house is current worth $1.7 Million conservatively.

They scrape along doing the bare minimum until something blows up and then they slink off.

I’m expecting a total rental income of $2500 which will barely cover my mortgage at 5% down.The question is, should I pay 5% down and look to invest in a different property a few years down the line?

My financing charges would have been nearly $10,000 and with realtor fees on the back end, I would barely make $15,000.

Even for retail space, I see businesses in shopping centers with barely 2 parking spots per 1000 sf when the requirement is 4.