I am on the hunt for my first investment property, can't house hack, I own a home.

I am originally from Philadelphia, I am now 35 minutes outside of Philly.

I found a few areas that are affordable housing, homes r...

Three week-ends shot to hell, and you're done.My point is, I'm assuming you've done your due diligence and have determined that you're getting Killer Deal on this property with help from the FHA.

The 2nd major deal killer is of course when the BPO comes in too high, such that no buyer will make an offer that is acceptable to the bank.

Jason... not a problem... also make sure to take the time to read through all of the blogs... there is some killer info there.

It took 30 plus days for them to let us know they were missing a form that se e mailed to him 15 days ago.This is a Georgia house, so I think a deficiency judgement could come ionto play, which would be a deal killer.

. * I also look at the 2% rule to kind of verify and amazingly anything that hits 2% looks on the surface like a killer deal3.  

I know you want that first deal, but don't be stuck with a cash killer or worse a foreclosure.

Thought it might be interesting to share war stories, from whatever perspective anyone happens to have (i.e. lender/sponsor/attorney/vendor etc).In terms of actual  market impact, here's what I've seen:- New debt service reserve requirements at closing (killer for a lot of acquisitions that need max leverage)- Apprehensive lenders, due to loss sharing and/or buyback requirements. 

Your top level math is pretty accurate but is very hypothetical.Getting just over 1% of purchase price in rents will cash flow some (hypothetically with 50% rule) but will be a pretty lousy CoC.Generally on a 2 - 4 unit building you'll have to put down 25% (20% would be for single family homes).For interest, you can get conventional NOO in the 4.25 - 4.75% range today dependent on your credit.For people that are looking for $100/rental or door... they're looking for $200 of cash flow out of a duplex (2 family, 2 doors, 2 * $100)... it's not a per bedroom calculation.Things to always watch for are taxes (I like them in the 5 - 10% of GOI range, lower is obviously better)... insurance (floor insurance can be a killer)... and utilities (many landlords pay water though few are happy about it... you really don't want to be paying gas and/or electric as that will blow 50% out of the water). 

@Jon Swift Vacancy is a really profit killer.