That isn't to say there are no deals, but the sales prices many times end up being less than stellar, or at least how they're presented on the MLS/Zillow/Trulia. 

I completely understand the value of a stellar tenant, but why put your cash into something that won't give you a return?

Not sure where your $438 number is coming from.The ROI on this deal is going to be stellar so long as you are making any money, so throw that out as this is a zero down deal.

Those numbers are absolutely stellar.

But it is possible.With more money you could shop for less stellar deals... or go with less leverage making for safer investments.

My properties all are experiencing stellar performance.  

Few can afford that kind of stellar price.Source: San Jose Mercury News

It has been stable for years, but the area does not have stellar appreciation.

The liens are actually cleared upon the bank taking the title.Thank you.That leaves it down to Cash & Occupied REO's, or Financed & Vacant REO's :)I assumed the Cash & occuiped come much below the Vacant & Financeable REOs, but the values is about the same.For a difference as little as that,  I feel it's best to only look at Vacant and Financeable REOs - unless a Occupied offers a stellar deal.

BTW, I enjoyed your appearance on the Bigger Pockets podcast, a stellar appearance from someone in my area.