I might suggest that once you get your next orders THEN we would start considering purchasing a 2-4 unit property (as an idea at least).Hope all of that makes sense.

Then, the best move in my book is acquire a property where the numbers work for you to either house hack or have  a very viable and competent property manger.

But then again, I'm just sick and tired of the smell of weed coming out of my apartments, as it is so very closely related to late rent and other habitual-loser shenanigans.

You need to have 20% or better for down payment and then as mentioned, your LTV will also be constrained by your debt service numbers. 

If it's a triplex and each unit needs the same work... then you need to multiply times 3 plus any exterior or shared items. 

Another area similiar to Detroit in as the auto industry sustained it and then left is Pontiac.

Most would probably require you to refinance the first and even then 80% may be a stretch - most I see are 75%.

Most newbies wouldn't consider Germantown years ago, and then everyone wanted a piece of it. 

Or, if it does appraise 'as-is', but the lender's underwriter determines that there is more deferred maintenance than they will allow for (say $2,500, or something close to that) then that would also be an issue.Either way, a 'subject to' appraisal and deferred maintenance are both no-go's for a DSCR cash-out refi. 

Unfortunately, most landlords wait until a problem appears, then they eventually realize they are behind the 8-ball and try to figure out how to fix the problem.Do yourself a favor: buy "Every Landlord's Legal Guide" by NOLO.