If you have the space and the funds, I would definitely go with the full.

So what you need to do is calculate the full income & expenses for the entire property - just as if it were a regular rental. 

This is why many experienced investors in cities with old housing stock (I am in Philadelphia) intentionally buy property that requires full gut rehab - to change out all of the systems and structural elements and remove most of the need for ongoing expensive maintenance. 

I’m looking for a small multi-unit investment property (2–4 units) where I can put about 5% down with a conventional loan and have the rental income cover the full mortgage.

I don't do enough volume for it to be a full-time position.

I assume full-system replacements: For properties over 30 years old, budget for a new roof, HVAC, plumbing, and electrical, unless recent upgrades are documented.I add an Unknowns Premium: I include a 10–25% contingency buffer to account for hidden issues such as mold, structural damage, or layout surprises.I anchor my ARV to low comps: Protect your profit margins by basing your ARV on the lowest valid comparable sales in the area.

Even if you had money stuck in the deal at some point your money is returned back to you in full through cash flow.

Replacement Cost is far more nuanced than it’s often presented, especially in lower-cost real estate markets.In many cases, even after a total loss, carriers do not simply pay full replacement cost.

You have 2 full kitchen remodels, 2 full bathroom remodels, likely a full rewire if the house is down to the studs, Unless your HVAC system and plumbing was recently updated you may have to do major work there.As a first rehab I would steer far away from this one. 

That momentum has been very real.On the macro side, the data is mixed but telling.Inflation fell to 2.7%.GDP growth is at its strongest pace since 2023.Incoming Fed leadership is signaling openness to additional rate cuts.Oil prices are at their lowest level since 2021.At the same time, October and November saw the loss of 983,000 full-time jobs, the lowest full-time employment level since late 2021.