Prices go down, causing financial pain for the gentry.

Welcome to BP, how's the search going, have you found your first deal yet?

The key factor is the amount paid and the nature of the payment, not the payment method.

Quote from @German Sorensen: Feeling the Itch Again: Advice for Getting Back into Real Estate?

And every answer is the right answer. 

Unless you can get the price significantly reduced, walk away Tim!

30 yr mortgage with VA How did you add value to the deal?

I imagine you are still feeling the effects of Helene.

The city is still economically not showing the types of growth that you’ll find in areas like the Lehigh valley which in my book are a huge pro.

Patience can be your best friend and if you attempt to over leverage a property it can come back to hurt you.Some will recommend buying subject 2 where you could take over an existing mortgage that could be at a substantially lower rate - but if the lender finds out and calls the loan that could also be very bad.