Typically everyone needs something and matching up their need and your capability to meet that is the key.  

You own other property in the areaTax free ability to pull out your initial capital + some extraIt is line with your long term goals.At the new ARV, does the number's match with your other rentals?

In this way, since you have more units than you have apartments, you're creating demand for storage - which is why many large apartment complexes offer covered storage as an added lease bonus - they don't have enough storage units to match the number of housing units.  

Assuming your price is 10k under owed value, that is a 40k loss if you try to sell right now. it would take 4.7 years of carry cost to match this loss.

When we are given properties that don't match our criteria or are just randomly picked off the MLS it is a big waste of our time and we will soon tire of previewing your lists.If you show us that you are finding properties that other investors may not have found yet, by using other methods than the MLS search, we get rather excited and focus more on those properties.INFORMATION - many investors work out of the area that they live in, so are working remotely. 

There's your 1.5% right there, and it's a legitimate asset which if it can be improved upon (which I think it can be by adding a 15-20 car garage, and improving the units over 2-3 years so that they match the finishings of the premier apts in the area), then you can actually realize the additional value created.  

The county has a program for first-time home buyers that matches their down-payment savings 4:1!

It doesn't seem like the title of the post, "Real Life of a Newbie Investor" matches the post entry. 

Find recently sold properties that match the type, configuration and location you learned from your property manager interviews.

I had one year of on-purpose roommates where four of us went in together and then 2 years where I took luck of the draw for my 3 roommates as the apartments had a matching system worked out.