Low vacancy rates, rising rents, and high tenant demand for more space/good school districts. 

This week supposed to be 15 highs and 0 lows. 

Tenant quality is extremely low even in so called C areas.

You’ve developed a moderately fast wealth accumulation strategy that’s relatively low risk, enabling you to ride out down cycles, negative cash flows, unexpected necessary expenditures, etc.  

The problem with averages is that a large number of high or low value properties can skew the figures either way.

Quote from @Jaycee Greene: Assuming you pay asking price, I'd estimate the down payment for something like that using a hard money loan (HML) would be around 40% of the purchase price and your monthly payment would be $2,600 with an interest rate in the low 7% range (probably need a 700+ credit score to get that).

Some of the materials we choose and asked him to pick up (such as flooring) he replaced with low quality materials, I assume to keep more of our money for himself. 

The main hassle of conventional lending is being able to provide proof of income and seasoning.

If my target would be low income residents, are there any grants, tax credits, or funds available to help me with the conversion? 

Starting with a trailer is a smart, low-cost option.