I feel like it would limit me from being able to buy the next deal, or find one that we could brrrr, or something.Am I being dumb for struggling with wanting to commit to this deal??

The iron content is at it's limit, and you'll get red stains on anything where water sits as it oxidizes with exposure to air but a water softener will take care of that.

The market rents are carried by the approved section 8 limits which goes up every year. 

Evaluating markets is one thing, but what do you look for in the people you meet in these markets if you can only spend a limited amount of time in person?

All that to be said I don’t think either one is the wrong choice assuming your market doesn’t have capacity limits. 

Lot's of associations have restrictions on rentals which would severely limit your earning potential/ability to rent at all.

My understanding of loans and financing is pretty limited.

Simple ways to elevate the hardware are to use knobs for the doors and nice modern pulls for the drawers.

.:)  All the numbers look great, but the loan won't get bought by Fannie Mae or Freddie Mac because they limit the ltv on units so it's a no go for conventional financing.A DSCR loan will go to 75%. 

Not every update will add significant value, and if the area is rough, you will be limited in how much appreciation you can force through rehabbing the home.