If you had priced it 50% higher, it would probably be sitting vacant several months later.We have a property near several low-income apartments. 

Are their listings detailed with good-quality photos?

Can you lease an apt under USDA low income and have someone else live there???

It’s on a quieter street, low income area.

Prices are through the roof in this current market with low inventory and single and multi family properties just don't pencil out.

Hi Vincent, there is a significant difference in true Hard Money and rehab loans, rehab loans won’t be low doc by any means.Hard money should be fairly simple & quick to fund, it’s strictly equity based.How bad is the condition of the property?

The quality of the reports you receive also varies.

Quote from @Devin James: When running numbers on an investment property, I focus more on equity growth than monthly cash flow.Here’s why:If I can acquire a property at a low basis and add significant value, I can: 1) Sell and reinvest elsewhere 2) Cash-out refinance to recapture my investment.

I know I need to get a credit card and keep my utilization ratio low, but I wouldn't know much about the process of actually receiving a conventional loan from a bank or any type of loan.

@Rae Chris Ann Arbor is pretty expensive, so difficult to find cashflowing rentals.You may want to look in Ypsilanti - if you want to stay in your area.Otherwise, Metro Detroit offers a LOT of options.Read our copy & paste below for some helpful info:---------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?