@Robert Saunders  Agree with the above posts, it's using a combination of OPM to reduce your downpayment. 

@Neil Narayan also interesting that the Dallas Fort Worth metro area when combined (because they really do just run together) is larger than Houston.

I'd have conversations with lenders now about the best way to build your capital stack.As far as your analysis:I like 8% Vacancy for MFR.Bump your Repairs and CapEx to ~15% combined. $30k renovation is really all that much, these buildings are 120 years old, and you won't be getting many efficiencies of scale since they're two separate buildings.Management will likely be 10%, unless you have other units already.Insurance looks pretty low.

Your only way out is a combination of lower rents, selective, but meaningful improvements and better management.

(My experience is in buy and hold rental, mostly duplexes and quads.)As I put myself out there, people interested in doing deals are coming out of the woodwork so fast it reminds me of Worthington High School back in the 1980's when I was the one of the first kids my age to get a driver's license and a fake ID, and could thus combine the services of transportation and beer acquisition.  

With those three pensions combined we will be over our $5k per month goal but we have to wait until we are 60.

So, it's a combination of criteria, but talking with your lender to find out that criteria is important in your pre-qualification.

In definitely see how that could sink the deal now.As for PM, I was considering self management using the BP landlord resources combined with a service like Cozy since I'd be on the property.

It's a combination of gaining more knowledge (which you're already doing!)

You can also do a combination debt and equity.