In that case, a deferment is probably better than having a mortgage late report to your credit.You do not plan to apply for credit again in the near future and/or you are OK if it comes with worse terms and conditions and/or it's a bottom feeder lender that takes 3 months to close (the same bottom feeder lenders that spent the last 5 years doing 500 FICO FHA loans, and 500 FICO FHA loans only, will likely still be around, and this might be what they do for the next 5 years).

If you ask seasoned investors about their regrets, most will say they should have started sooner.In other words don't overthink it, take advanatage of the low rates, find a lender who can do 5% down conventional and buy the best duplex you can afford: try to get one that is large in size, is in good condition and at a good location.

Neighborhood is a solid B and this property was the worst house (probably a C minus/D condition).

Finished attic, unfinished basement, hardwood floors and steam heat... the images of all the rooms seam to be in good condition, nothing paint couldn't remedy.

Your costs may be less than $1700/mo, but the living conditions most likely would be a step down.

Property seems to be in semi-good condition but we would like to perform some renovations on our unit (upgrade kitchen).

So don't allow the current conditions to stifle your business.

Additionally, you'll have to take a look at the current condition of the home.

However, there are also stories where the outcome wasn't as happy.If you were buying your 10th property and were already comfortable with: Knowing the ins and outs of the neighborhoodAssessing the condition and repair costs Coming up with accurate comps (much harder than it looks)Understanding the necessary disclosures Negotiating price, contingencies and termsWriting the contractI'd say go for it.But the problem is not just what you don't know. 

The email stated that the underwriter has assigned an action for me which read as follows: "The shed is in poor condition and needs the following repairs: rotten soffit and fascia, roof replaced and trees at the back cut down to prevent further damage."