Your positive cash flow is $840/month, a one month vacancy on tenant turnover combined with the need for interior paint and maybe a few other repairs/upgrades will wipe out more than one third of a year's income. 

Just be aware that if you are using a DSCR or investment purpose loan in combination with your HELOC.

However, this is a business and I want to make sure it is functioning properly.

I'd recommend using that in combination with opinions of others and some on-market browsing to find your target areas.

You can look into doing a HELOC on your primary residence and use those funds for the downpayment in combination with a DSCR loan. 

I also pick up a few lower end condos/townhouses every year or two until I get to 30, which is my current goal.Professionally, I have a law degree and I am a licensed CPA and licensed Florida real estate  agent so I combine my personal and professional experience to practice full time as a Qualified Intermediary in all 50 states.

Combine seller financing, a little of your cash, and maybe some private loans to pull together the needed down payment and you could get the thing off of their hands.

Combining that with the fact it takes 3-6 months after each Fed hike for the impact to start to be felt.CPI numbers will be LOW very soon. 

It's either a dumpster fire, terrible location, poor layout, or a combination of issues. 

We could even explore a JV situation combining our expertise on flips/rentals.