The major problem I had to contend with back then was my Medical Insurance and co-pays which I cannot list on my schedule E.

So, I have to contend with leaves & sticks cleanup in the gutters also.

Even if they accept another low ball offer from you, you still must contend with the other potential costly issues when they arise... and they WILL arise.

It is impossible to imagine property values could go lower in what is a top contender for the worst borough in Allegheny County, where property can be had at absolute rock bottom pricing per square foot.

First you have to present the case that building systems are their own unit of property separate from the building and building structures and...contend with Treas Reg 1.263(a)-3(e)(4) if not:An improvement to a unit of property generally is not a unit of property separate from the unit of property improved...The tangible prop regs state that the B.A.R. tests for improvement must be applied to buildings structures. 

I'd interview them by phone, then visit the final contenders,  and select one before I even bought a property.I'm familiar with all three markets.

There can be several layers of regulations you have to contend with; especially with Well and Septic. 

I would contend that you should not via using an assignable contract.

I know these figures are a simplified (e.g. don't account for closing costs, points, etc.).Yet, when reading forum posts, many BP posters contend that you'd be out to lunch to make a $106,000 offer on a $150,000 list price with a $180,000 ARV.

So I contend the $295K number is plausible for a rental property like what American Homes 4 Rent bought, which is existing housing stock under $300K.