FYI, to properly tag someone you have to select the name as it appears once you start typing @ and their name...So for example type "@Lucas" and then my full name should appear - click that and it will tag me.

The paperwork has been submitted for the HAMP program, but it doesn't appear that they have even processed it yet.  

The owner appears to have purchased it wholesale in march and put a lot of work into it.

It appears other factors are being taken in from the numbers listed. 

Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.

We got a call from our agent who states that his lock box appeared to have been broken into and the keys were gone.

Here are some recommendations for you:Find and connect with other BP members that are in your area:http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you:http://www.biggerpockets.com/alertsRead Beginner’s Guide:http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts:http://www.biggerpockets.com/renewsblog/category/podcast/If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.

You also said that their does not appear to be any cracking of brick on the exterior which is another good sign that there is no foundation issue.

Asbestos wrap usually appears a little thicker - this could just be paper and mastic (of course, the mastic could contain asbestos).  

In general states with income tax (CA) should avoid doing RE investing in states with high property tax even though I know of some San Diego RE investors that appear to have done very good investing in Texas (@Cody L.).Your cash flow on the Texas properties do not appear to have cap expense or vacancy factored in (and possibly not insurance or maintenance).