If your comps indeed pan out that way, why not buy the New Britain property, then refi and be back where you started out? Seems a no-brainer in that sense. Just be sure of what you've got. Leverage is half the battle in this business... as long as you've got your ducks in a row and know those numbers for a fact. Depends on your definition of "in decent shape" really... for some that's a home that needs $5,000, for others that's $50,000.
@John Sheridan I am from CT and can tell you the type of tenant would make a big difference. Enfield is a great town to start specially if you don’t have much experience as a landlord. New Britain will present challenges as there are many experienced tenants that know the system better than most landlords. I also saw your profile and I need a roofing contractor so please pm me for future projects.
@John Sheridan john, this is a no brainer. it would literally be a crime to buy a single family house. i have a few houses in new britain. i am happy to help. let me know!