I am a Investment real estate agent here in Philly and I have had to sit down with a few clients to narrow down specific criteria, what kind of returns they were looking for, monthly goals, and annual goals.

I'd advise sitting down and really ironing out what are your bottom dollar needs to simply live as frugal as necessary, should you have to rely on the cash flow at some point. 

For a $900/mo rental, every day it sits vacant is $30 of lost rental income, and there's a certain percentage of the tenant pool that simply will not live somewhere that does not have laundry facilities available.

On the other hand, student loans, mortgage payments, stuff with an interest rate below 5%, again, almost everyone agrees that's debt you can work with in reasonable amounts.There's also a broad base of consensus that you need to have a significant sum set aside as a reserve, in easily-tapped resources like cash, sitting equity in your primary residence, easily liquidated assets. 

More than likely, you'll be sitting on the loan for awhile, or putting some extra money in if you want to refi.Still, the FHA can be a great way to get into the game when you're first starting out.

Since then I have bought land to sit and hold and renovated my triplex.  

Pertinent info below: House is approx 2500 sqft and sits on 2.5 partially wooded acres in a subdivision.

-The final ARV of course is important, need to sit down with bank to discuss.

My theory is that I would be sitting on 2 investments in an A+ neighborhood when I only paid for one. 

Every purchase will also be a new build (unless you want to go and construct a house on an empty lot) so you won't find a deal probably, but will just have to sit on a property as appreciation and the economy around it grows.