We found a neighborhood that is in the early stages of redevelopment and home prices are still affordable, yet I could still walk to a Panthers game or the Music Factory.  

HI Hen,I am only licensed in the below states however, the above scenario is acceptable and I've worked with many folks who were solely qualifying off atraditional income sources like rental cashflows only, notes income, installment contracts, royalties, dividends, alimony, child support, etcThe thing you have to factor is that the lender will still calculate a full DTI or debt to income on you so when I mean you might be able to qualify this assumes youd have to either have a ton of a rental cashflows or little to zero debt and are living rent free.This is so you can divert all of your rental income to help you in the qualification of the property you're looking to obtain financing for.If lifestyle costs, rents, or other liabilities are in the way or taking up your borrowing power then you wont have any room for this anticipated property.If you're trying to rely solelyon this anticipated purchase's income only and have no other rental income then you'll definitely have to be living rent free (family members/parents) and will have to have zero debt when credit is pulled but you'll be able to qualify yes if the property cashflows (75% of gross rents - PITI = hopefully positive income). 

I'm a fan of ADUs, and through my research, you may want to try a Modular GC who works with a factory to get you the dwellings you need. 

Keep in mind the 130% factor is with the NEW mortgage. that 7% is high, with a lower interest rate, your payments become lower and you will see some cash every month.

This is where the sale of the property becomes a factor to consider.Overall, it is possible to make it a good investment, the biggest factor is time.

As mentioned above, there is no standardized factory line model for the ideal company.  

Other factor is price.

Obviously the biggest factor is how much renovation will cost.Here are some links to information.Analysis, assuming 180,000 offer and 160,000 of repairs: 3401 Longfellow AvenueImages: LinkThank you so much!

That is the major thing I'm worried about is my age playing a factor. I

It is somethng else entirely to buy a house right next door to a factory farm hog raising operation.If you are looking at a house that has a problem, be darn sure you know exactly what the problem is and what it is going to take to fix it BEFORE you make and offer on the house.