A lot of other properties in my area were built 1990-2010 and the building construction is much better in terms of materials(copper/pvc pipe vs steel, ect) and I would use 5%.

Because of this, you have just opened up 1 or more slots available for additional Fannie Mae financing.

@Steve S., Lots of moving parts to your scenario. 

Replace 18’ wood lentil spanning the width of the row home with steel beam.

Chinese steel and aluminum plants have almost no environmental controls, and they get free electricity.By ALL accounts they dump steel. 

But I would NEVER but granite and stainless steel in the kitchens of my rentals.I would never put real hardwoods in.. my rentals are not in high end neighborhoods.

I am interested in starting to look for small multi-family (2-4 units) with a business partner who hasn't used any of his conventional loan slots.

Floors aren't creaky, modern plumbing and electric, steel beams stabilizing the ground floor (as viewed from dirt crawlspace).

Hello everyone, I am a steel mill electrician here in SC looking to move into real estate investing and out of the steel mill (eventually). 

The closing costs for FHA are out of this world so I wanted to go conventional for a few reasons Smoother closeI know I can qualify for the mortgage amount if I can burrow money to put down and eventually give back of course :)Stronger deal than FHA ___________________Rents $2495Unit 1- $895Unit 2- $750Unit 3- Vacant Unit 4- $850Expenses Property Taxes : $245/moInsurance : $227/moVacancy : 5% (extremely strong rental area)PM: 7% ($171.50)Lawn care: $50/moReserves : $100/moCap ex: $100/MO (very well taken care of stainless steel throughout, roof 5 years old, new paint, HVAC 5-6 years old)Expenses $893.50(Income) Rent - expenses =  (NOI) $1476.75Mortgage- $969 (With bridge loan or other burrowed money 30% down (87k) 70%LTVNOI - Mortgage = Cashflow ($507.50)Bridge loan payment - $580/MO87k at 8% 2-3 year balloon -$72.51 cashflow with (bridge loan)$507.59 cashflow without bridge loanKeep in mind I did this for only 3 units, I will be owner occupying this property or should I not?!