You have 39% as all in annual expenses.Will be more like 50 to 60% based on age of the building and any landlord paid utilities.Even at 114,480 number it makes no sense.Annual rent growth average for multifamily is about 3% which keeps pace about even with inflation.

Some cities and counties restrict by age, size, etc. 

Give us a sense of : Zipcode, Sq/ft, size of lot, and age of existing building. 

The age of the carpeting, and deferred maintenance is not visible at this stage.Once you see the property and inspect yourself or have a professional inspection, they you would know the deferred maintenance as well as upgrades and improvements needs at the property.

The maximum you may contribute is $5500 if you are under age 50 and $6500 if you are age 50 or older.

I realize that while the cashflows may be higher, the bad area and age of the home may cause issues.

@Brent Mattison pretty sure this is not the forum to discuss Estate Planning but here is a glimpse of what you could possible do.Disclosure: I am NOT an Attorney, CPA, Accountant, Estate Planner or any other related Professional and Individuals should AWLAYS seek out the advise of licensed professionals in the related areas of expertise prior to embarking upon any endeavor.It all starts with your S-Corp and from there you can put together 401ks for each member of the Family (Company Members), HSA Plans and put everyone (see age restriction below) on payroll. 

One thing I learned is that most of the conventional financing  will need employment verification after 30 days of employment however this is only needed to finally close.

One of the best ways for you to start is how I did when I was about your age, "Subject Too".

Call every 6 months to 1yr to request better rates or increase limits.d) get your parents or spouse to add you to their oldest credit card without bad remarks; effectively increasing your average age of credit.e) hard inquiries on your credit history do very little to lower scores, do not pay much attention to them.3) Set up property management procedures and team builda) join your local reia and keep the newsletters.