It is a triplex in a hot hot neighborhood, and is fully rented. 

There are a number of laws and restrictions solely related to lending that you want to adhere to in order to stay out of hot water. 

El Monte is one of the hot spots for flipping right now, a person I know bought and sold 3 this year and is beginning his 4th in west covina. 400k ARVs.

203k is appealing and can make magic happen, but in hot markets (LA in the summer...) the house and the situation of the seller really needs to be a perfect match.In general you don't go find a house to 203k, you go look for any old house, coincidentally find a house that happens to coincidentally be a perfect fit for 203k, and then you start talking about 203k stuff.Typical characteristics:Too crummy for cosmetic flipper types to want.Seller more motivated by sales price than by closing quickly. 

I [thought] I did my homework carefully; experienced Borrower in a very hot market with a low ARV.

Is the market "hot" there, and likely to remain so?

unless this property is in a hot area, I would pass.

This town is a c neighborhood outside of piping hot Seattle.

I ran into TWO commercial properties that needs renovation in the very hot market of Fishtown in Philadelphia, I do not have the finances to purchase them but I am looking to outsource the funding.

I read a few articles on there every morning.Great way to stay up to date of the potential hot areas.