@Raquel ReedRecommend you understand the property Classes, so you buy wisely!

We’re considering whether to do mid-grade updates and rent it soon if we can find a good next property though acquisition and ongoing costs are a problem.

For example, I mention that every adult must pay a $30 application fee, pass my credit/criminal background, make a combined income of 3x the rent, and whether or not the property accepts pets.

If you're buying a true investment property (meaning you wont live in it), FHA is completely off the table and Conventional/DCSR will require 15%+ down.

The city is still getting property taxes. 

You need to constantly hunt for deeply discounted properties, compete with experienced investors, and deal with unpredictable sellers and cash buyers.

@Stacy A Stewart I have personally used DSCR loans to purchase rental properties here in the Dallas/Ft.

@Jeffery Jones you understand you'll be buying Class C & D properties, not in the best of areas?

I have an opportunity to purchase a duplex property walking distance to a SUNY University. 

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