It wasn't a good deal $90k because of the age, weird layout, and the bathroom was tiny. 

I wish I started to look into RE at that age! 

They are not able to assign a value to things like roof age.

Its extremely important when running tighter margins like what you're talking about to focus on age of HVAC, water heater, appliances, roof, etc.

FHA is only really the better option for poor credit - otherwise a 5% down conventional loan is cheaper and less stringent.

Not all do, and there's potential those carriers won't accept the risk for a myriad of other underwriting reasons, too- age, current condition, etc.

Credit scores are a reflection of someone's ability to learning and understanding the rules of the game and haveing the discipline to play by them.If you already have good credit, already pay everything on time (autopay), then increaseing your limits will probably help you the most, because it gets your utilization down, ideally under 10%.Higher hanging fruits are average credit and account age (just have to wait for that I guess) and inquiries, which are sometimes unavoidable as real estate investors.  

Age wise that's not bad and is pretty typical for investment class assets here in Memphis.

lol it has nothing to do with my post..but in my younger ages, I saw this movie too many times,  Real estate builder / lender committed suicide or they were fleeing to GuangDong province in China to hide after their real estate project gone foreclosure after some interest rate changes (kinda like the same story of our own McAfeee) ......this kind of event from the 1980s has the same final destination lol loleven when I am invested these days I remember these movies..... unfortunatly the GFC caused many a suicide I knew two personally. 

If you borrow against the equity, you'll need to include that payment in your calculation, as well.You make 3x the average income for Pennsylvania at the age of 32.