It's great to hear about your success with this multi-family buy-and-hold investment.

Question:2 If we plan to buy a second property 1 or 2 years down the lane, how would lenders approach the underwriting?

Investment Info:Single-family residence buy & hold investment.

don't be afraid of better markets in ohio like columbus. depending on the capital allocation buying old houses and having to renovate is not the only way to drive value. build rent refinance repeat and build to rent are both very strong market drivers as well and you can traditionally get infill land in areas like columbus in much better locations than where you buy.

I would like to account for big improvements too althought instinctively i dont think i want to buy a property that needs any crazy upgrades off the bat.

How much does it cost to buy down rate per %?

Buying your first property to live in, and renting out rooms is a great way to cut back on costs and if you set that money aside, it will grow and become down payment funds for a future purchase.  

I would consider these markets as part of the Recession Phase.I think the market cycle phase depends on location, but across the board I see either:1) Recession Phase for pandemic boom-towns,2) (light) Recession Phase for markets that aren't appreciating faster than inflation, and 3) Recovery/Expansion for places that never "boomed" during the pandemic -- just solid & steady growth (many Midwest/Northeast Markets).Either way, it appears to me that now is the time to buy (even more so for multifamily properties).What are you seeing in your market?

In terms of low competition, unless you are buying in the most rural or economically distressed area, there is always competition.

Another option would be to find someone to buy it and do a lease option contract with you.