$1591*2 = take home pay on $55k in idaho
Assume 20% down and no PMI. Need $79k cash + whatever other closing costs.
=$1419 principal + interest per month (mostly interest… booooo).
Monthly cost = $1419 p&i + $173 tax + $116 property insurance – $787 (net rental income) = $921
$921/($1591*2) = 29% of take home pay. Bad but not impossible.
15 year is out of the question, so you’ll be losing at least $2360/year assuming 1% different in loan rate. $293k in opportunity cost over 30 years assuming $200/month.
6 months of emergency fund is at least $15k. Probably want more like $20k because you’ll need reserve money for repairs / vacancy / etc.
$1400/12 = $116
This analysis doesn’t include property maintenance, which could be substantial given the # of buildings and 9 acres.
You’d want $100k cash to even think about going into this deal. FHA would be stupid b/c the worse interest rate, PMI, and higher loan amount/payment would combine together into a deal killer.