If you use it as several down payments and use leverage you could be off to the races with many more Class B or C units that will still cash flow for you.

@Jared Galde we actually have a couple of units in the Midwest and are looking to add several more.

I have given asking price several times with no quibble, particularly if I really liked the property and the numbers worked well.  

I personally don't mind an older home - several of mine were built in the late 70s, early 80s.

Diversifying geographically can also reduce risk and increase long-term returns.For example, there are several markets across the U.S. that are ideal for new investors because they offer affordable entry points, reliable cash flow, and strong economic fundamentals.

Quote from @Shayan Sameer: Quote from @Zachary Deal: As several folks have mentioned leveraging equity in current property you owned is a great tool but still comes with the some of risks as you had before using hard money debt as there is never a guarantee your new project will be a success (there will always be risks with real estate investing).Leveraging your investment property would probably be the first step I would take. 

I’m Keagan, a realtor and investor based in Indianapolis, and I’ve worked with several clients on value-add multifamily deals and have done a couple myself.For finding off-market opportunities, I’d recommend:County Tax Delinquent Lists – Great for uncovering distressed properties.Direct Mail Campaigns – Target out-of-state owners.Local Networking Events – Connect with wholesalers who specialize in multifamily.I’d be happy to introduce you to lenders and share leads if Indy is on your radar.

@Matthew C. several thoughts:1) Appears you have a Class C or D property. -- Thus, you can expect to get Class C or D tenants, which have a 15-25% probability of defaulting on their lease payments.2) If your PMC is lowering FICO to 550, what are they doing to improve their screening in other areas?

I as a lender as part of settlement had our servicer unwind some negative reporting.As a sidenote I saw a post online somewhere else where someone who had an owner occupied home for several years relocated for work and teh servicer sent a letter telling them they are not in compliance with their loan because it must be owner occupied for the entirety of the loan even though the loan docs say one year....Again, servicer overstepping their bounds

Similarly, if you put several Class D tenants in a Class A 4-plex, what do you think will happen to the property?