They are updated, nice clean units with washer and dryers in the units but nothing fancy either.So back to your question, if it stretches you financially I say no go.

You're dressed to the nines.

It's just a fancy term for renting out the rooms or units you're not using to offset your mortgage.

@Jared BakerNothing fancy I'm afraid, just good ol fashioned savings financed my first deal.This site is a good place for knowledge, you could try The Bigger Pockets book on low or no money financing if that is something you are interested in, a lender would be more than willing to walk you through different options, or a good ol fashioned google search would get you plenty of information.I'm guessing the pros and cons of an FHA loan would be a good place for you to start.

I'm rehabbing a single family house in an above average neighborhood, am considering replacing the current standard bathtub to a fancy fiberglass tub with whirlpool jets.

Thanks guys, very helpful for some confidence going forward@John-Michael Moreno not so comfortable with foreclosures right now, need to get my feet underneath me before getting fancy @James Mc Ree great advice, appreciated @John Thedford thanks for the input it really helpful to hear all of your experiences 

We are not looking for a fancy building, our business is very loud and such with engine dynos and cnc machines. 

We live fairly meagerly and splurge more on convenience rather than big ticket items (no fancy car, big house, etc.  

I look at this as dress rehearsal for taking down a larger value add deal in the future.

I would have low overhead by living life simply (not fancy).