Did you already buy this property? 

I buy in upscale areas and my appreciation is much better than “affordable” SFH in the Midwest.

The current tenants are month to month and not interested in buying, and the existing mortgage balance is assumable (3.65%) for qualified buyers.I know it's a great house -- and with the assumable mortgage -- a great buy for someone looking to save with current interest rates sitting as they are. 

Also keep in mind all those that equate this to buying a rental house are very focused on one thing and that is being a landlord and being landlord and buying rentals basically takes no special talent or knowledge other than basic math and ability to buy one.. 

For myself, I currently look for buy and hold with long term appreciation. 

Do your research and run some numbers, but if you can buy a 4br house, rent out the other three rooms and be left with a very small mortgage payment, you can start saving for the next one and then rinse and repeat every few years. 

Hi Allen, when I got started, I used a 3% down conventional loan to buy my first property.

Even if one of you find insurance that you think covers your interest, it might be easier to buy, than cover a claim.You also run the risk of due on sale clause, because you are potentially notifying your lender in the transfer of ownership.Now I know nothing about insurance, so I could be totally wrong, but that's what I hear a lot of the nay-sayers say.

@Cameron Porter half off of a $30-40K price may not be enough to make a purchase work.We've seen clients quickly get upside down with Land Bank purchases:(So, proceed with caution and hire a great inspector and contractor to go thru the property before you agree to buy it.

My goal for this deal is to purchase a cash-flowing multi family property to buy and hold.