Typically if they dictate terms to me, I will keep looking around.  

Consider that the lot will dictate many feautes about your home, basement, walkout basement, crawl, driveway slope, etc.

Also, your price point will really dictate what areas you'll be able to purchase in, so I'd start there to help narrow your search.

That will really dictate your strategy on how you can market the deal.

The answer will dictate whether the IO product or 15 year mortgage is best for you.With interest only payments you'll have zero principal paydown but will have more cash flow to redeploy into another asset.

Your strike price comes from underwriting to an IRR as you work backwards from your forecasted exit price and map out the annual income given your forecasts for rent growth and economic vacancy factors and layering on expense growth inflation and cost of debt.And since the value is dictated by the income, investing in areas where rents are likely to rise the most gives the best hedge. 

In addition if you are buying it tenanted the lender's loan parameters will be dictated by the Debt Service Coverage Ratio.  

You just need to figure out what the monthly budget is and that will dictate weather or not you should buy something in the area or just let her rent for two years.

The 3.5% you'll need for down payment will dictate the size house you buy based on the amount of cash you have.  

If you have a large enough portfolio, you have leverage to dictate terms.