I mean a deal will cost you 150k in capital, maybe more. 

The appraisal came in at $120k where the purchase price was $78k and $22k reno cost for all-in of $100k.

Hi Nina.If I were not experienced in land lording and property manager, I would look personally to the extent you want to learn or experience property management versus hiring someone else that you trust to do the job.Yes, the cost for a property manager is important but not essential- the cost between property managers are not double or triple the cost of others (say like attorneys in some areas of law or cars). 

I would list every single item your counting as capex, their useful remaining life and their cost that day.

Figure out what it’s costing you a day and start there. 2) Increase pet limit to 50lbs. 10lbs is an extremely small pet.

Other benefit on paying extra on one only  is that if/when interest rates drop then better to refinance one mortgage (with higher loan amount) to save cost over two refinances. 

I expect to add to the cost of the replacement property.

Quote from @Caroline Gerardo:Having a mortgage with a low rate is better than a free and clear property.

That error is low flow on the water.

My experience was getting my personal credit utilization high as I bought product for my business, and subsequently my FICO went low; therefore financing was increasingly difficult.