Then when I retire, I would pursue my hobby as a game designer with taking personal classes with a game development program I like.

So you get more bang for your buck with the 17-unit but factoring the vacancies should drive down its value in your scorecard.If your risk tolerance is low, I'd focus primarily on properties with higher cap rates, then zip codes and other criteria should follow thereafter.

The listing only has a single exterior photo and the bank priced at $300k and it appears they are not aware or factoring in the interior condition.

@Minh Le, good that you were still able to close, and hopefully you learned something from this experience.Going forward, make sure you factor all the "moving pieces" into your contract closing date. 

FHA is designed for owner occupants not investors.

Some commercial loans also have prepayment penalties, so factor all of your short term financing costs.

What key factors should I consider to determine if this is a good deal or not?

I feel like a big factor is what the future would look like if your tenant moves out.

The biggest factor of your success in investing will be your involvement, education, and TEAM!

I simplified the math by estimating a daily rate of $250 for 30 days and factored in 20% vacancy