You'll have to pay ~6% for however long it takes for rates to decrease, but at that point you'll have racked up equity in a home; you'll never get that time back.

So if you can decrease the rate at which you are borrowing the same amount of money, than it's all the same. 

Living there and decreasing my living expenses was great.

I saw a report that showed if rates decreased to a measly 6.5% that it would open up homeownership for over 1,000,000 people.  

I would look at 2-4 unit property and the financing on that, why not buy something that you can house hack each room, including the unit you live to decrease or make that monthly expense zero.

Will drastically decrease vacancy and give a bump to rents.

MIAs were developed to decrease the amount of time spent curing known defects. 

Increase your income, decrease your expenses, and save money.

Sounds like you either need to decrease the purchase price or increase the rent.

Newburgh definitely has some rougher areas and the data shows a decrease in both total population and home values over the past decade, which is something to consider before investing there.