This is attractive both as an investor and owner occupant. 2) Rents are still low compared to other larger cities, but are rising appropriately to meet demand.

If not then you, a family member or your resident manager can definitely move into the lowest paying unit.There is a process to this, however, if the lowest paying tenants are not willing to leave and you have the option to move in with good faith then it's legal.https://hcidla.lacity.org/Landlord-Occupancy-Owner...

Look at their breakeven occupancy projections.

Aside from the resale consideration, what will the impact of the location be on maintaining high occupancy with good tenants?

Is anyone able to lend some insight on these products, such as; what are the terms of occupancy for the borrower? 

In Texas, you are only capped at 10% per year if you are an owner occupant and the property is your Homestead. 

You can factor in about $50 per month per unit for both.Based on the numbers, seems to be a good deal but needs to verify the cap rate for the area and you can get that from a good real estate agent specializing in multifamily.The $77K cash infusion to increase occupancy, I am assuming will be spent on improving the interior finishes of the units.

The previous occupants were hoarders and the place is full of trash, but a good deal nonetheless. 

Factor in insurance as an expense, maintenance, and also be very conservative on a start up for occupancy since it takes awhile to get up and running to get full occupancy.

My concern is location - is this too far to draw clients and maintain occupancy/bookings??