Some "features" like bedroom size are hard to easily correct and your rent may suffer (through lower tenant demand, higher turnover) as a result.

:(Should I just plop 20% down and stay where I am or should I do owner-occupy and suffer it out.  

While I don't see this as a break even property by any means, I don't think suffer the lousy cash flow on a place this big for 15 years is going to be worth it.I can honestly recommend this deal at $730k on a 20 year amort.  

By your own formula, you could NEVER EVER buy mulifamilies in Connecticut, unless of course you are willing to suffer gun-shot wounds as another uncalculated expense ;).And even in the ghetto, I'm not sure your number would work.

Having a place to live that you can't lose if you lose your job or suffer some other set back is huge, IMHO.

I've suffered with paralysis from analysis due to my engineering background and my discomfort with losing money, so I'm calling myself out here.

I recently had a abandoned property that suffered from some fire damage given to me from a family member.

Not to be a buzz kill, I suffer from analysis paralysis myself, but that comes from blowing money and wasting time before, never really looking deep into the realities of my commitments.

The cheaper you go on product, the more you're likely to be applying colored water and coverage will suffer, costing you more time.

The more run of the mill homes with cheap renovations and furnishings are suffering more.