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.

But, hey, you have a low rate. 

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

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

Dark stain with contrasting white walls could look nice but so does the light bright and airy look.

It provides with several things: -Gives a sense of what will need to be done at a property for turnover-Brings to light any damage by the tenant-Opportunities for CapEx improvement-Gives 4 additional interactions per year with the tenant (which helps a lot in building rapport)We also do a weekly "drive-by" of the properties as well to make sure everything is in place.

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

That's low, but not zero!