Foreclosures are public record and used by everyone in town trying to nail the deal if the property has equity. 

You nailed it!

@Caleb Heimsoth you nailed it, I thought it was marginal as well.

The only thing I can add, since they nailed it above, is renting out rooms?

Also factor in grounds maintenance, which depending on your area may include snow removal and/or lawn care and landscaping (this can run a few hundred dollars a month depending on the size of the property).I always ask sellers for their P&L statements for the last 2 years which should show any major repairs and expenses.Regarding financing I think you nailed it and should look for more traditional financing elsewhere assuming you qualify.

We're hoping to use this cash as a down payment to get our first rental property and since we built the house to ourselves, nail by nail, we have another $70k in sweat equity that we could probably use for a HELOC to use as down payments for additional properties.

January's goal is to nail down a good title company, have a lawyer to go over the buyer/seller contract that I found on BP for correctness, and nail down at least 10 leads to action.

From what I've seen, it seems like nailing down a good market value on multi family units like this one are a bit challenging.

@Stephanie P. pretty much nailed it.

What would you prefer - polished concrete or epoxy flooring?