Starting out you're going to take a beating on the terms because you don't have a relationship yet but if the numbers work then them making an extra couple grand doesn't matter 

They touted the huge returns (grand slams) and make it seem like an everyday occurrence.

Seriously, south of town is pricey for rentals and the returns are ho-hum  by comparison.

If nothing else hopefully you can break even for now and in the grand scheme of things the tenants will pay it off for you and in 15-20 years you will have significant equity and a good cash flowing asset that will help you retire.

I’ve read that most if not all banks won’t do a loan on a property below 50 grand.

You can also purchase customized lists that are also affordable in the grand scheme of things.

But the truth is, none of you, if you had $300,000 in cash would buy a rental that nets less than a grand a month unless there was some extenuating circumstance, like buying equity.

What has been said by @Michael Ohara and @John Mann. is right on.I live in San Diego as it's the best place to live (IMO, outside of Grand Cayman, which I don't go to enough). 

The more I think about saving a grand or more a month, the more the idea looks appealing to me.

We are toying with the idea of asking for a couple grand off the purchase amount to help mediate the water problems.Would love to hear from the wiser and more experienced.