Average min dscr requirement is 1.2. 

It currently covers all my living expenses, and when I move out would flow roughly $650 for me.

Those you could see yourself when you looked at the house . put on the 5 year list .The deck , without seeing pictures is hard to tell , could be age , could be poor design , may or may not be expensive All in all that report wouldnt scare me at all ,  Its an older house , it will be constant maintenance .

When evaluating rental properties, aside from school districts and convenience, consider factors like neighborhood amenities (parks, restaurants, shopping), rental demand, job market trends, property condition, potential for appreciation, and rental income compared to expenses (including taxes, insurance, and maintenance).

I'd run rental comps in the area for similar homes and see what they average out at, and be conservative initially expecting the lower end of what you find so you can give yourself some wiggle room.

so it sounds like you're planning to buy properties that won't support the debt and expenses as standard long term rentals, but will if you rent by the room?

Kings County Housing Court is a dark and expensive place where the tenants/occupants/even squatters have more 'rights' than landlords/owners! 

If it ends up being an expensive or time-consuming repair, you may be able to get bids and have the seller escrow 1.5x or of the bid cost to do the work post-close with a signed agreement and lender approval.  

Why would the purchase be a business expense? 

If you're going with a traditional HML, your lack of experience is going to cause some out of pocket expenses for you.