Ideally, I would love to buy a multi-family property and rent it out, I would consider house hacking but I mainly want to my first property to be one that I can improve on and have it generate income for me.

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make some cosmetic improvements to the place while you're there. 

Also, the historical data tells me that 3 years of underperformance means that future performance must improve substantially in order to meet the IRR goal for the investment.

I wouldn’t invest too much in old technology right before demand creates improvements. 

This successful project highlights our teamwork and ability to maximize value through strategic investments and improvements.

This significantly lowers the cost per door and improves your return on investment.Scalability: A three-story walk-up design allows you to maximize your build cost and land use, just like most professional apartment developers do.Control with New Construction: Starting with a new build ensures fewer risks, as you’ll have control over the property’s condition and avoid surprises from existing structures.Pro Tip: If you do go with an existing property, make sure to thoroughly vet the deal to avoid hidden costs and issues.For first-time investors, multifamily new construction is often the best way to scale quickly, reduce costs per unit, and build a sustainable rental portfolio.

Everything else, I'd invest in assets that have the potential to appreciate in value (can be improved, are inherently scarce, etc) or generate strong future cash flows.

That said, the 6.875% rate could be improved.

I'm not the most handy and have thought of taking a person knowledgebale in home improvement or a handyman to tour the property with me (after my offer is accepted) to gauge potential issues with the home and have a better idea of the home's condition before I have the home inspection.