Even for a credit union that's pretty aggressive, and at a high level, seems like a great deal. 

I would recommend starting with some fixer uppers if you don't have any experience with that.Good Luck!

Hi Paul, it all depends on your comfort level. 

dont over think this its not that complicated. important issues are.1. cost of capital2. knowing what a deal is or is not.3. good reno crew or contractor  4. good agent that will tell you straight what its worth when done and what level you should rehab to.5. a market that is actually moving napkin math works  trying to drill down to decimal points does not.

I started my domain over 10 years ago when people first started going online trying to buy fixer upper houses.

It seems like there was a lot of hype at the government level but owner/occupied demand hasn't been what they thought it would be.

I believe that the Federal Reserve is going to cut rates by 25-50 bps at it's September meeting (no emergency cut), but that 30-year fixed rate mortgage rates will rise to upper 6s low 7s around the same time, and Commercial borrowing rates, including for multifamily, will increase as well. 

Keep good track of communications and do not sink to his level if he gets nasty.

It has 3 units, an additional dwelling unit in the garden level, and 2 garage parking spaces (which I've come to realize are quite valuable where the property is). 

Level 1 trauma center is the best.