It’s in a great area and probably needs some cosmetic work (carpet & paint).

Local licensed PM here who just opened up my own shop to help smaller MFH, and SFH investors like you with maximizing their investments.

so pressure from the buyer and the seller.OP I certainly hope you used a National name brand title insurer and or if you used a smaller closing attorney type shop that they wrote insurance for one of the big companies where this is easily handled monetarily at least.

This is how I renovated a duplex in 2020 with only $6,000 (entire 2800sqft interior painting, refinished/re-faced two kitchens and replaced all appliances in each with used/like-new appliances, new sinks, new tile backsplashes, new hardware, new sinks/faucet, 25% flooring replaced, and one bathroom (everything but the shower which was fine as-is).

Do you want something that is pretty much turn key (might need a coat of paint) or something that needs major renos? 

Omar - thanks for the post and  questions 1) yes - hold off on opening any new  debt if possible  as  any new  debt will indeed  affect your "  debt to income ratio "  and  lower  your borrowing power2) student loans are  tricky  - many are  deferred  presently  due to  covid  ...if you have  student loans - get  repayment terms in place so that the  actual repayment  amount can  be used in the   debt/ income ratio ...if you dont have any student loans yet - try to  delay 3) regarding rolling in rehab  costs to the purchase loan -  this really  depends on what  remodeling  you  plan on ...if its  realtively  light  rehab  work and not a ton of money ( eg...paint /   flooring  etc )  you  might  try to  minimize the  down payment / use a  reguyalr loan and  keep as  much  cash in hand to  do remodeling out of pocket  ( and  with using other funds)  ...if the  rehab is  very  large and  expensive - the   reno  203K FHA type loan is an option to  consider 

Third, there are many options and if you work with a flood insurance expert they will shop all options.

Have you shopped around much?

Building a relationship with a "smaller" syndicator shop may be the best move. 

He is also shopping for sub contractors for too long and leaves total only one or two of his low level workers un-supervised with no foreman 80% of the time.