You can go as low as 2.5x in some cases but NJ tends to produce enough traffic/applicants where 3x should be minimum unless property is over priced.

Use the top three or four discriminators so applicants can screen themselves.Then you need to have clear screening criteria yourself.

For this post, the long story short is that no cats were on the application but lo and behold, there are 4 cats in the house during my first inspection.

Even with that, I think we will still be way ahead. 2 bed, 1 bath, 1200sq/ft, detached 1 car garagePurchase Price: $38,000Repairs: $20,000ARV: $96,000 (based off Zillow, but a local real estate agent thought that was pretty accurate)Mortgage: $430Insurance: $55Trash Included: $25Rent: $1,000We are now going through applications for our first tenant. 

In addition to offering "cash for keys" assure them that they can use you as a referral on their next tenant application, or offer them a short term-2 month lease.

Maintenance at at PM company or one of the big hedge owners like AH4R, leasing at apartment complex will teach you a lot about applications, fraud, leases, collections, evictions. 

One housing authority wouldn’t even entertain the request, while another was open to it because it was an affordable housing property, requiring just an application for the exemption.From my experience, dealing with government agencies, especially when trying to save money or get financial benefits, can be a slow process.

I suppose I'll just wait until I find a good applicant and be grateful I won't have a vacancy this time next year. 

You also avoid lender/broker overlays which are handcuffs in the finance world. 

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).