Even off market stuff is getting a large premium over what the actual numbers warrant.  

The main thing is finding a good deal and creating enough value in some way to warrant the increase.

Your rental market simply does not warrant it.

I been working on buying rental properties with my realtor Katy warrant from Dallas tx she is been Great.

Those condos are apparently “non warrantable”.....they don’t qualify for conventional financing due to investor owned percentage of units, bad financials, etc.

Some surprises I've had in this area:Sheriff kicked door down in one house b/c they had a warrant from a previous tenantFound a gun in one house (ended up being a BB gun but looked like a 357 revolver)Had tenants leave the house, left all their stuff, and never heard from them again, after living there for only a few monthsHad a water leak in a ceiling that flooded my garage and damaged ceiling in dining areaOn the positive side, have provide safe, affordable, clean housing for some great people.

Now I figure there may be a humidity issue in the basement, but does that warrant the dehumidifier running 24/7?

The size of the complex matters because the complex needs to be warrantable to get Fannie Mae/Freddie Mac financing and if there is one owner that owns more than 20% of the complex, it becomes non warrantable and limits your available lenders. 

I wonder what the circumstances were that warranted that kind of drop in price to something that isn't even close to market value.

If you are considering a condo to invest in find out if that condominium complex is "warrantable".