We look for good school systems, low crime and desirable neighborhoods.

As a builder, I target about 15-20% profit per build ($500k-800k price range, low-mid in my area).

Obviously I want to keep my costs low but still want to spring for amenities that would give me a competitive edge compared to other rentals.

Having trouble getting any quotes for a low value SFR (<100k), any leads appreciated

So assuming your son has low debt, then he should be able to qualify for a house in the low $300K range. 

Myself, I specialize in Section 8 and low income properties.

Down payment of $13K including reserves sounds pretty low to me . ( Based on Maryland )

As I see it, the only ways that real estate pays you well in the first 3-5 years is low to no leverage or a strategy that requires more work (short term rental, mid term rental, rent by the room, etc.).  

High credit scores and low DTI are often required…and these take much longer than I first thought…Navy might take 45 days to get through the gauntlet.  

It's essential to do your due diligence and perhaps consider investing in more established or upcoming neighborhoods.Property Taxes: New Mexico's property taxes are relatively low in comparison to other states.