and credit score of 750+, so I presume getting pre approved as a first time buyer would not be all that difficult.

5+ units DSCR or commercial mortgages. each one is used for different things. really matters purchase price. location of property and your physical location. dscr looks at the property and your credit score. commercial bank looks at you and the property. tax returns, w2s DTI. then the property needs to cash flow enough for them. dscr is a bit more lax but higher rate.

I recall seeing a recent post from someone else in a situation like this, he even paid the collection but score is still too low to apply for a mortgage.Certainly speak to an attorney to double check your options.

Try and use a small Local Bank, or even a Credit Union for any Loans.

Talk to Mason McFarland with Honor Credit union.

I generally don't set a number I look at credit history for lower scores if it is a medical issue I will view differently than if you just are overburdened by debt and just not paying.  

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+, zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680, some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+, zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680, some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

I only have student loan debtI have a full-time remote jobI have no prior experience in real estate investingMy credit score is high 700'sHere are the details about the property in Zenda,WI:Asking price: $235KIt’s being sold by out-of-state heirsIt needs at least $50K in repairs and updatesThe neighboring house recently sold for $235K (though I don’t have details on its condition before the sale)A family friend who owns a construction company assessed the property and noted the following:Replacement Needed: Furnace, Water Heater, Water Softener, Floor (concrete replacement needed due to unevenness), Roof, GuttersUpdates Needed: 1.5 BathroomsConcerns: Black mold and water leak marks upstairsRemodel Suggestion: The staircase is very steep and narrow; recommended to relocate and extend it into the living spaceAdditional Work: The property slopes downward, allowing rain to flow into the house.

My goal is to leverage 85%, and with an 800 credit score, I'm in a good position.