Depending on how much of a buyers lens vs investors lens you have the duplex option is a great idea too.

I've always been an equities investor, so the dollar cost average approach makes a lot of sense - I just hadn't though of it through the lens of real estate.

I would look at it from a different lens.

Lights are not on in all your shots and you really need a wide-angle lens. 

@Jon Wisniewski The other piece to that puzzle is that residential properties aren't valued in the same way as commercial real estate, so you're viewing them through a lens that doesn't necessarily apply to them.

I have been analyzing deals with a lens for either BRRRR or Flipping.

I also reached out to some seasoned realtors in the area to ask their opinions and both of their responses were pretty alarming, and I am not sure if it was because they are not looking at this through the lens of an investor or because they know the area so well.  

If you could not come up with the $60-70k to close on the home, then I would consider doing a cash-out refinance or a HELOC from one of the two free-and-clear properties to fund it.Further, because this is the lens that I see things through, I'd go ahead and refinance my free-and-clear properties to redeploy the capital AND create a stronger inflation hedge.So, it really does go back to your personal goals, because ^^ might seem unduly risky, unnecessary, or perfect. 

looking at it from this lens with the understand that you will be building a cash position to acquire additional ASSETS which will increase both your cash flow and net worth — this is much different than dangerously over leveraging (i.e. 80+%LTV, minimal cash flow, unrealistic rents, weak cash position l, etc.) or using the cash for non-asset related activities or just blindly taking out cash without a plan.

I'll speak through the lens of my personal BRRRR deals and a few that my clients have done recently.1.