Elisha,Unfortunately @Will Gaston is correct - odds of getting your money are pretty slim. 

The appraisal on a home is limited to the comps in the same area so the chance of the appraisal coming back "much larger in comparison to neighboring homes" is slim to none.

The supply on small MF here is slim and it's a seller's market so most do not want to bother with FHA's relatively stringent requirements and definitely do not want to wait around for a 203k loan.

The odds are slim you will be caught, but if they decide to come after you, it is now in writing.

I’ll try to slim down in the future.

@Michael HealeyDuplex inventory in DFW is very slim, going to be tough to want a target area for it as there are usually only around 100 properties on market at any given time.

If you were to have a shot you would have to find a bank that has locations out here and there is a very slim chance they might. 

Once you are in the 50k and less range it’s a very slim line between a money pit and a value.  

It's just inventory being slim pickings at the moment is the major constraint.

That said, these areas are expensive so it seems unlikely I'd be making a profit at least the first couple years especially while paying mortgage insurance.Hello Gianni,I totally agree with the fact that NYC is a competitive market and margins are slim in the first couple of years if you're using FHA.