A lot of associations are cracking down on this. 

They also get 1st crack at the pocket deals.I would also say while I have seen very few exceptions, for the most part discounting just doesn't work long term. 

They spill and roll into cracks and crevices.

The original mortgage was 144,000 and I heard that the junior mortgage falls off [it was a tiny 32K].

The actual percentage of people that get audited is tiny. 

An investor friend offered me first crack at buying his paid-for 5bd/3ba SFH that appraises for $500k and is currently rented for $3k/month on a 12-month lease.

We also replaced quite a few old ceiling lights with new ceiling fan/light combos and replaced any cracked or suspect outlets, etc.Kitchens got new stoves and microwaves and upgraded furniture in common areas.

I tell all the agents, but the nut has not been cracked.

Looking on AirBnB, $1150 for a tiny place was the absolute cheapest comp I could find nearby, and the next was around $1250/month (after Air BnB fees).

As a Value-Add there is also the original carriage house that is a detached structure to the property that we'll be doing as a permitted ADU / Tiny House.