There isn't a right or a wrong to this and you can evolve emotionally as you become more confidant in your decision making.   

Buyers understood they were paying a premium but with recent appreciation trends we all felt confident that they would recoup the equity within 18-24 months.

That's great you can increase your rents, but keep in mind you need to figure a cost per each unit to renovate and add that to your calculator.It isn't impossible to get a loan for 0% down of YOUR money but you need to use other people's money, try to find some investors that this place has potential to get a return on their money and show your confidence in how well you can manage it. 

I live in the Boston area, have 2 multi's & have a full time job ( self-employed) .So , Boston to Rhode Island , would be my travel (2 1/4 hours) .....don't mind periodically traveling to keep checking the property, in fact I prefer to do that.

I trust no one and prefer to self manage. 

I'm confident I can assist you.

I agree with @Greg H. make sure you are completely confident in that first investment, whatever it is.

I moved mine to a self-directed IRA, so no penalty to invest in whatever I choose.

But if you are being super conservative with that amount and you are confident about the rent amount it can collect and feel comfortable with all aspects of the investment, go for it!

How are you positioning your self defensively?