I told them I didn't want to do the consortium deal, so they offered me another one where I would need to pay a 30k USD down payment and have an EIGHT PERCENT INTEREST RATE.

I got my Va to create a spreadsheet and call all of them for rates, amenities, and if they where at capacity.

This assumes ~8% interest rates.Interest rates in New York tend to be 25-50 points higher than the national average although maybe I suck at finding good mortgage brokers.

BTW: The 75th percentile rent for market rate apartments with only w/s/t included even in N Collinwood is $1064.

Both properties fall into Class B- category and has no HOA and no rental restrictions.Here are the details for each property:Property 1:3 Bed, 2 Bath (1020 sq ft)Purchase Price: $250,000Moderate rehab needed (Kitchen, floor, bathroom sink vanity, light & fan fixtures, interior paint)Rehab Cost: $30,000After Repair Value (ARV): $295,000Down Payment: 20% (Out of Pocket: $50,000 + $30,000 (rehab) = $80,000)Projected Rental Income Post-renovation: $2100/monthProperty 2:2 Bed, 2.5 Bath (1168 sq ft)Purchase Price: $230,000Moderate rehab needed (Kitchen, floor, bathroom sink vanity, light & fan fixtures, interior paint)Rehab Cost: $30,000After Repair Value (ARV): $295,000Down Payment: 20% (Out of Pocket: $46,000 + $30,000 (rehab) = $76,000)Projected Rental Income Post-renovation: $1900/monthThe location is moderate, with amenities like shops, restaurants, a mall, and a baseball stadium within a 5-mile radius.Considering buying both as they are in the same building, the total cost and income overview would be:Total Price for Both Properties: $478,000Down Payment & Closing: $96,000 + $10,000 = $106,000Total Renovations: $60,000Total Price (Including Renovations): $478,000 + $60,000 = $538,000Total Out of Pocket: $166,000Projected Gross Rent Monthly: $4000The rate of interest for the mortgage is 7.5%.I am currently evaluating: A) The break-even point for two townhomes considering a cash investment of close to 32%.

You'll probably have to go into a secondary market with a higher interest rate. 4.

@CJ T.Yes, I think you may be confusing a business credit rating vs. having credit lines.For example, personally people talk/ask about their credit score. 

There are still some good opportunities if you are willing to buy an ugly duck and do cosmetic work to get it up to market rental rates. 

I think most likely we will get a home buyer because with the current rates it would be much harder to make profit. 

My wife and I purchased our first property two years ago in Salt Lake City for a good rate at 4.29%.