Just a thought from a different perspective. 

I also really enjoy the process of taking something old or rundown, and making it new again, I just love seeing the results even if it's just a fresh coat of paint.

I'd appreciate any insights or perspectives on this matter.

@Carlos Ptriawanappreciate your perspective on these issues. 

Also, part of the due diligence process if debt is being used will be a formal commercial appraisal, so value from a lenders perspective will be identified. 

However your situation becomes a trickier case study since these properties first served as your primary residence which could provide additional benefits form a tax perspective not available to an owner of investment real estate and nobody has a crystal ball and knows the property with certainty will transition into an investment property. 

For some perspective rents for a 1 bed 1 bath apartment in the area go for $1,650+ Overall I would say this was a great deal!

Obviously, I don't have insight into your full financial situation, but I would have concerns from a risk management perspective about putting all of your hard-earned savings into purchasing a single property or even a single investment of any type. 

That is the perspective I needed.

Putting this in perspective see previous years’ new listings data, since 2017.