I am comfortable in that range personally. 

I need all new appliances (Fridge, Microwave, Dishwasher, Sink, oven/range)I also need flooring (Tearing out carpet ..yes it's everywhere...yuck)Will also need to repaint and buy new LED lights for my fixtures. 

North Carolina has been on my list of states I’d love to invest in, but the only real area we’ve been able to find something within our range has been the Winston-Salem area, but we don’t know enough about it to figure out how successful we could be with rentals there. 

Comps of single-family homes suggest we are in the 2500-3200/mo range. 

If you qualify for a 600K 1-family, you should qualify for something in the 800-900K range in the Bronx.

Just for kicks, i looked up a few sf properties sold last year and see that land ranged from 40% to 60% so without knowing your property specifics, dunno why your land would be assessed 70%all i can suggest is look at comparable sales and see what the ratio is and then appeal using that dataalso i remember many years ago, a home was assessed higher than the transaction amount and after failing to reach agreement with assessor office, the homeowner reached out to the different elected city reps.

I would like to use it as collateral to borrow 42k from a private lender, interest only payments in the 8-10% range for 12 months.

This makes the home more accessible to a wider range of buyers, increasing its marketability and potential sale price.

So looking into single family homes in the $400K range.

Many lenders avoid these deals due to the low resale potential, but I'm curious if there are any loan products available for this price range, especially in markets like the MidwestAlso, does anyone know if any lenders are bundling multiple low-cost loans to meet minimum loan thresholds?