We already own a high performing student rental in Windsor, ON which is cash-flowing $1,300/month pre-capex/vacancy reserves.

Anyways, I digress.If the Federal Reserve allowed rates to rise it would cut off funding for the continued rise in property values and over time reset the market.

I have had several people say take your cash reserves and purchase the vehicle outright and then replenish your reserves.

The Federal Reserve is backstopping the Fannie/Freddie MBS capital markets - so interest rates on loans are still relatively low, and the capital markets are still liquid in that area - so credit is not drying up anytime soon. 

@Bryant Keith McNeill I would suggest working on getting that credit score up and while duing this building a solid financial foundation (cash reserves).

Having an appraisal in its current condition seemed like more of a crapshoot, thus some of my reservations. 

@Rena BarronI think it would be smart to appropriately budget for that, and possibly throw more at your mortgage to get it paid off quicker, and have a reserve for your next investment.

(This is proposed in initial conversation with seller, same as proposed price.) ( I am assuming this is a balloon payment)I currently don't have money for the DP of 10-15% but I have enough cash reserves to acquire this and maintain my other properties.Property is in sellers market. 

I want to have enough money set aside to do minor repairs ie toilet clog and enough reserve to paint on tenant turnover.

The soft costs all go into a reserve fund, vacancy, repairs and capex.