If not, based on your low down and income, I would suggest looking into another property that is 3-4 units.Hope this helps!

Based on your area, look for 2-4 units. 

So that 1500 would be cut down to around 500 or so maybe.So, does that mortgage on that property count as part of the total they would lend you based on your income?

Besides the huge knowledge base of the members here, there are tons of information in the Education tab

Remember, with pet odors replace what you can, but oil-based Kilz is your friend.   

In addition, some loans can have 5 or 10 year terms or not be fixed rate so if rates rise or you need to refi at the wrong time, sorry you lose.7) Overpaying - If you buy a property at too high a price you can cash flow but still lose because when you exit or try and refi you will pay around 5% in many cases to get in and out plus maybe not get your full purchase price out.8) Construction/contractor issues - contractors who take your money, do a poor job, take away too long etc. can cause major losses.9) Buying in the wrong area - If your B area turns into a C or a D the equity values will plummet as will your tenant base .

From what I can tell comps indicate a value of $150k based on a couple recent sales.  

I am assuming the property is older based off the materials described in the OP.  

See of the property can perform based upon its rents alone.

It honestly doesn't need much of anything but may require a renovation loan based on listing.