Now, here is the catch: there are some areas that have seen stagnant or declining values, and then there are some that grew by double digits.

However, since you have a bad feeing about the tenant I would decline.

I tried to buy one condo as a rental property with a loan from with Chase recently, but Chase declined my loan at the last moment since investor owner ratio is slight above 50%. 

Beware of these types; a number of years back I had an application from a desperate somebody who had nine landlord tenant filings (AKA eviction filings), and when I contacted them to inform that I would be declining them, they replied it is OK because they found a place that would take them.

@Cramer Guzaldo I send them a 1-page letter with the extension and let them know a) what it is, b) how to either accept or decline.

According to what I read online, Keen State in NH has declining admissions, Plymouth has been stable, and UNH has actually increased.

You’d have more luck looking in the East Bay but the desirability of the neighborhood declines quite a bit.

I've found that the typical response rate to direct mail marketing had declined like crazy. 

is the credit in mid 600s  the reason your are getting declined ?

I ALWAYS declined any such applicant and offer