Buy both or just 1?

[Kirk B]

What should I do?

Property 1:
45k duplex purchase price + 3k fix-up
48k total
ARV: 75k
Gross rents: $1,180

Property 2:
62k duplex
FMV: 82k
Gross rents: $1,200

Although on paper I can show seasoned possession of about 26k (inlcuding 8k tied up in an IRA), I would not be able to afford 20% DP ($21.4k plus 2 closings plus reserves) on both if I go conventional investor financing. I could do one or the other easily on a conventional 30yr 6.25% loan.

I found a portfolio lender that does investor loans. I found a way to borrow the 20% down payment from another source (family money). The big drawback is the lender will only lend for 15 years.

I would like to purchase both properties under the following terms:

80% of value ($85,600) 5.5%i, 15 yrs = $699.42
20% of value ($21,400) 6.0%i, 15yrs = $180.59
Minor fix-up Cash: $3k
Closing costs, attorney fees, lending fees (should I be including these transactional costs? they never seem to be included in anyone's deal analysis): $4k

I would pay for the fix-up and transactional costs with my cash.

Negatives: According to the 50% I will be only be about $100 shy of $100 per door.

Benefits: I will own both properties outright in 15 years. I will retain the vast majority of my cash to do another deal sooner.

My current goal is to own 45 units that cash flow $100/month within the next 7 years or sooner.

Please share with me your thoughts! I appreciate any feedback you may have.