I dont have the angle figured out, but it feels a lot like a scam of some sort to me. 

Changes in the prime rate are widely publicized in the news media and are used as the indexes in some adjustable rate mortgages, especially home equity lines of credit.

Don't know if that's country wide or just here in the Cleveland market but something you should probably research.RoofstockRoofstock isn't really a turnkey company.

or cash.. and scoop the deals when and if that time comes around again. but I think its fair to say 08 to 2012 was a very unique set of circumstances and other than a one horse town or one mill town or one main manufacturing town.. were the mill or plant closes and real estate tumbles.. we just never saw such a wide spread loss of values.. 

If you're looking to grow your portfolio, I really like the HELOC angle. 

@Jordan Moorhead - the AirBnB angle is a good idea- could increase the monthly income above what I had in my calculations.And I'd just add that - yes I'm sure a better property in terms of the numbers is out there "somewhere", but the rub with the 'house-hack', is that you also have to want to live there. 

@Michael NewmanI would think the pay for accountant would be hire than property manager but of course there is a pretty wide range .

Full 203k is pretty much wide open, as is the homestyle, BUT they both require a licensed "consultant" that creates a feasability report, handles inspections and draws, etc.   

There are a couple extenuating circumstances too - I'm actually helping my partner out buying his first place, so there is the "doing him a solid"-angle, despite my rule of NO BUSINESS WITH FAMILY OR FRIENDS.

Here's a couple different pictures from a different angle.