If it's related to nonpayment of rent, the changes they appeal is very low. 

I think the dead giveaway is the rate and points. 5% is too low for anyone to lend now.

Hey Lenny,Love to see that you also got the Real Estate bug so youngI recommend a BRRRR/house-hack for your first oneBuy a place that you can live in with a low downpayment, fix it up, and then you will have the option to 1) Refinance and live in it2) Refinance and rent it out3) Sell and do it over again4) Dont refinance and continue to live in it5) Dont refinance and rent it outYou will have a ton of flexibility and the safety of knowing you have a place to livePlease reach out via DM if you have any questions moving forward.

@Steven Bowdich as long as you run your numbers it should work and if cash on cash in low then move into next deal.

Has given unrealistic low comps.

Inventory still remains perpetually low.

my property appreciation varies from a low of $2700/month to over $10k/month.   

Is this location within their sphere of competency or ability to low cost manage?

The reality is that with the super low inventory we have sellers don't have a reason to give you a 50% discount, so your numbers get squeezed and you will end up leaving cash in the deal.

The truth is that New Jersey, especially Northern New Jersey, is a tough investment market due to low inventory, high competition, and high taxes.