We also have relatively low expenses (personal expenses, mortgage/escrow on other rental property, and escrow on current property) that are around ~$120k/year.

Like someone else mentioned, FHA loans are good in low credit and high DTI scenarios, but tend to be less bang for the buck compared against conventional.

Plus,  if you have the ability to do another FHA 203k, it's a no-brainer.The low down payment is unbeatable, and then add on that the bank will all finance the renovation!  

Since you're new, start by narrowing down a strategy—house hacking is a great way to get started with low upfront costs.

Its just hard to be good when they're chasing margin and keeping OH costs and personnel costs low.

If you’re serious about this aspect of real estate and you have the time/money to invest into your education, I would strongly recommend Raisemasters as a quality mastermind to join. 

I am unsure if this means the price is correct or too low. 

I would encourage house hacking, you won't be cash flowing but it helps you save while you get your foot in the door with low DP.

But if it's an RV park near a lake or tourist destination, then an RV or 2: yes.There is no draw to travel somewhere just to stay in an RV....I whole heartily agree there is no draw to travel somewhere just to stay in an RV.The RV parks I've seen that have fixed RVs for rent look like low end MH parks. 

That's pretty low for a 3-BR - I'm seeing the FMR for a 3BR in that zip code is $1,850.But at $1,300 for rent, you'll probably find HMLs that may lend you around $120k if you have a good credit score in my opinion, which means you'll need $45k + closing costs.