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There is very little profit when undertaking $45K renovation projects therefore most qualified contractors will pass on those bid opportunities. 

You don't want them to just be financially qualified but you failed to investigate how they treated their past two apartments. 

As an example, DSCR is based on the DSCR ratio and qualifying Rent to PITI ratio.

With some additions, this would qualify for the OMG category, but I think they didn't have that category back then when it was on the market.

I am not a tax or legal professional so please take this to someone much more qualified.

The only way they would seriously consider a higher offer from an unqualified buyer is if they have no offers from better qualified buyers and their back is against a wall. 

. $50k sounds like a lot to you but with the price of materials and of qualified labor, it does not go too far.

If anything, when you accept rentals in the higher-end neighborhoods, the rent rate exceeds the voucher limit, meaning the resident has to have their own income in order to qualify.

Use an agent to help you get qualified tenants and documentation in order.