I agree that 20k cost estimate is low.

Currently, a decent house in Waco ranges from the low to mid 200's.

However, about a week ago, I followed up, and the agent mentioned the price had dropped with no activity, and that the occupancy restriction would be lifted after 30 days on the market.I made a low offer, and after some back and forth, they declined but then listed the property on the MLS for less than their lowest counteroffer to me.

@Larry Nielsen Sounds like a very long term tenant if their rent is that low and they've been reaping the benefits of it being low for at least the past 3 years.

, and low entry level price.

On one hand, I feel that it is a great property and a great time to buy while competition is low.

But, hey, you have a low rate. 

Quote from @Caryn Seifert: Why do you think the fees are low? 

I was able to get free hand and get the spray on him....and apply some low end not so nice blows my dad taught me to use when battling a stronger opponent ....then I called the cops.  

FHA 203(k) loans are good if you plan to live in the property, offering a low down payment.