How can I finance cheap rental property?

[Oliver Roe]

Hi All,

How can I finance a $53,000 rental property?  Good credit, 20% down...would prefer to go conventional so I contribute my down payment + closing costs only, recoup, repeat (cash flow would be AWESOME on a $300/month mortgage payment).    All of the online lenders I've tried want the property to cost at least $64,500 which makes no sense to me...they'll pre-approve me for $155K but not $53K? Madness!    

How can I get this deal financed?