$42,000 is not all that bad, I see some comps where other investors are buying from providers I have never heard of in the mid 50's ' low 60's.  

Or did I do the right thing by lowing my offer due to the work it needed.

Agents are usually not investors, so they just think investors make low ball offers. 

I agree with the previous poster: The sooner you can move up into >5 units, the better....UNLESS you want to use FHA/Fannie/Freddie financing (low down payment), or unless you want to live in one of the units.

I bought The Book on Investing In Real Estate with No (and Low) Money Down and am working my way through it. 

I'd get a cheapy fridge from lowes or Sears and pay for delivery and disposal.

Real Estate Investor specializing in low to mid size Multi-Unit properties.Mission - To acquire various Multi-Unit properties and continue to diversify our portfolio.

They are out there but inventory is very low, at least for my price range.

They are middle men that help you secure multiple lines of unsecured credit with low to zero intro rates.

Landlords keep in mind that while interest rates are low you should look into refi'ing rentals but I do not recommend 30 year terms.