I wouldn't have to wait longer to prove my income on something that price.However, I'm wondering if it's a good investment or, like someone told me, "if house prices are that low, you'll likely be in a poor area and not have great tenants."

The best route is low coverage industrial, industrial outdoor storage.

A common rule of thumb is around $30 to $60 per square foot for light to moderate renovations.

Some will go down as low as $100,000.  

I would look for a bunch of Sub To Deals with 2-3% interest rates ...... then rent out for cash flow and huge equity build up when rates are really low (check out amortization schedules and compare 2-3% vs 6-7% with the same balance and length of time - check out the principal portion each month - the lower the rate the higher amount goes to principal PLUS better cash flow).

The cost stated is so low compared to property value.  

Maybe someone can shed light on agreements such as this.TIA This ultimately comes down to your relationship with the broker.

It could be unbuildable.did you go look at the property at all, or did you bid blindly based on the assessed value and threw a low bid at it.

You can acquire your a primary residence from up to 1-4 units for as low as 5% with conventional or 3.5% FHA with a few exceptions.

If expenses are low relative to income, the cash on cash decreases when down payment increases (10k column).