A quantitative and qualitative investigation was conducted to assess the effect of the heterogeneous microstructure on the fatigue and corrosion resistance of the additively manufactured martensitic stainless steel, AMPO M789, employed in application where a high hardness and corrosion resistance is of need. We first examined quantitatively the inclusion content of polished surfaces and the roughness of net-shaped samples, in order to estimate the fatigue strength of the alloy with statistics of extreme values and linear fracture mechanic approach. We then exposed the material to electrochemical tests in synthesized seawater, in order to identify possible corrosion mechanisms and to further assess the pits initiation and their dimensions. Considering those results, we finally predicted a possible performance of M789 in high-cycle fatigue in presence of corrosive environment. We believe our work represents a first step towards studying the synergistic effect of localized corrosion and fatigue strength on the heterogeneity of this new additively manufactured alloy.