If there are other options out there, most people struggle to look past it and will choose something done already....I prefer to have at minimum all the big ticket items done....paint, flooring, cabinets, appliances etc...... not having baseboard or switch covers or smaller stuff is not a big deal.....

No "pattern" of trouble with the law.  3 or more misdemenaors (except traffic tickets) in 5 years or less is NO GO. 

@Jim K. zip it or ticket

Then add on a Home Warranty for the big ticket items. 

I was guided by my mortgage professionals over the years to aim to fill out the 10 “golden tickets” of conventional loans, before portfolio.  

I'm looking at this one as similar to buying lottery tickets: maybe it will pay off some day, but probably not!

At that point I can either put in an offer or book a plane ticket.  

The property 3 years later is worth 15k more.With rental increase let's say rent averaged 1,400 over 3 years time.1,400 X 3 years = 4,200 cash flow + 15k appreciation for 19,200 in 3 yearsNow if a roof, plumbing, electrical goes out on an older house the cost could be a little less or the same as a larger property with higher rents to repair or replace.If you have one tenant go out and turn and some big ticket items to replace that could be a swing of 10k to 15k outlay over 3 years leaving you with a nominal cash flow return.Example 2:You buy in Austin for 250k putting 50k down in a new subdivision.

Hi BP Community! 
As a first time real estate investor, I am currently sitting on some equity on a townhome I purchased in May of 2020 and looking to invest in a second property using that equity as a down payment. M...

Now I'd recommend buying some lottery tickets since you have some good karma to cash in on.