The real reason was long-term low interest rates.

If they stay low a long time and you take the money you save and use it to pay down the principal, you may have made an excellent choice.My opinion is most people are better off with fixed rate loans.

 $42,000 is not all that bad, I see some comps where other investors are buying from providers I have never heard of in the mid 50's ' low 60's.  

Rates from 7 to 12%We roll the closing costs into the dealThe only out of pocket expense is for valuation and processing (generally $295)Step Two:  The refinance and holdNo seasoning on title. 

Or did I do the right thing by lowing my offer due to the work it needed.

I have a realtor that does property manager and we are trying to figure what else can we do it to make it rented in this off season.

Agents are usually not investors, so they just think investors make low ball offers. 

I agree with the previous poster: The sooner you can move up into >5 units, the better....UNLESS you want to use FHA/Fannie/Freddie financing (low down payment), or unless you want to live in one of the units.

I bought The Book on Investing In Real Estate with No (and Low) Money Down and am working my way through it. 

I'd get a cheapy fridge from lowes or Sears and pay for delivery and disposal.