NY isn't TN so you need to do your research and check the comps.If you acquire it, you'd have an option to flip it, develop it or live on it.  

I'm currently living in Boston, but plan on moving back to the Pittsburgh area in the next month.

While your immediate position doesn't change, you now own a property with 200k of currently inaccessible equity.Also with your first one, if you can put down 5% or equally low, occupy it, and do a live-in flip, you may not have to refi; save up for another 5%, do it again, new primary loan, etc. 

Hint: It's where you live. 

However I only have one tenant living there and he doesn’t use much bandwidth and neither do we on our side.

I'm a former CA resident now in I live in Lake Tahoe and work in the Reno, NV market.

You can Rent a Big House to live in and just rent Rooms if you can stand to live with other people.

One we rent out, the other we live in. 

Then you can either leave them be until they expire, or let them know that you will be undergoing renovations, let them know the new rent and possibly have one tenant living in a existing unit, while you renovate the other side, to which they will move in to the new unit once complete at the new rent rate.

FHA loans are for primary residences only, and you'll need to certify that you intend to live there for at least a year.