I'm not in a huge hurry as the cost of holding the property is low, so I'm taking my time to learn as much as I can and connect with the right people. 

ThanksWith described characteristics and a few assumptions on DSCR, we are very low 7’s with no repay and 1-point if that helps for sizing. 

Rents are low and prices are high.

Since moving into another fixer-upper isn’t ideal right now, consider leveraging your $40K for a low-money-down investment, like house hacking a small multifamily or using creative financing (seller financing, subject-to, or partnerships) to avoid tying up all your capital.

The low down payment house hack is the way to go.

Is it high appreciation area with a low rate mortgage?

Financing and Exit Strategies MatterMany house hackers use FHA or low-down-payment conventional loans.

It could be 50% high, 50% low or right on the money but no matter which of those three it is makes no difference.

If you join a brokerage with low or no monthly fees, your annual expenses could be as low as a few thousand dollars.

- The current low rent is probably to offset maintenance issues at the property.- Try to raise the rent and the tenant will give you a list of all the maintenance issues they want you to fix. --- They will offer to fix them in exchange for lower rent, but ask yourself, if the tenant has been living there for 25 years, why isn't everything fixed already?