Cost per lead (CPL) is crucial—it shows how much you're paying to get a potential seller or buyer’s info, and you want this as low as possible without sacrificing quality.

Prices a few years ago were based on expectations of (in addition to interest rates staying low): - Then current operating cost assumptions (like insurance cost expectations being flat)- A seeming disregard for record levels of new inventory / supply hitting the market- Extremely high inbound migration expectations which are likely to not be met, due to both natural disasters and the boomerang effect when people from California or the Northeast move to the American South and hate every minute of the humidity, the large and relentless swarm of insects, and the occasional hurricane. 

If my target would be low income residents, are there any grants, tax credits, or funds available to help me with the conversion? 

Most of the stuff you can get at Home Depot or Lowes and get it the next day, so no delays once you decide on something. 

Personally I like keeping my properties that I know are successful and have low maintenance.

@Bonnie Low I was not including debt as I want to know how a cash buyer would look at the deal.

Usually of the home requires major repairs it may require a HML "hard money loan" then you refinance in 6 months on the new ARV.DSCR is also not a great avenue for low loan amounts because all loans under $125K will take a rate hit and the minimums are usually $125k after down payment with some going down to $100K Min.

note if we sell the primary residence, it is very likely we will not need mortgages to buy smaller rentals as we would use that mostly.Though I take your point on keeping it. our house was a new construction (3 years old) though so possibly low maintenance risk to keep for a rental. 

Now all taxes are based on a super low rate you can’t fight. 

The type of the neighborhoods where his properties were located didn't fit in with my plan but he did well and the purchase costs were low.