I realize I don't have the actual NOI, but that price sounds super high for the gross income you're stating in your narrative.

I'm confused why would you say that rental income is taxed in an IRA?

That said, even with conservative rental income estimates, my living expenses would eventually drop to several hundred dollars less than what I’m currently paying in rent once the house hack starts generating income.I do have cash reserves to weather some rough patches, but the idea of pushing my budget this hard makes me uneasy.

The only time we need additional information is if they are denied.Once accepted, we tell them exactly what we need from them to move in. 

The guy is meeting the rental criteria income wise.

If you have a high personal income and can support the property if it needs cash, that helps, but is also not scaleable. 1.

Rentals generate passive income, so an S-Corp offers no added tax benefit.

For example, I mention that every adult must pay a $30 application fee, pass my credit/criminal background, make a combined income of 3x the rent, and whether or not the property accepts pets.

I  Income:  The amount of property you can buy will be dependent on your Debt to Income ratio.  

Ironically, high income earners can make more passive income through tax mitigation than they can through buying high cash flow deals in nearly every situation.