A Great Deal would mean you got more cash out than you put in and Cash Flowing more like $200 per unit.You state the asking price is $52 below the assessment.  

At the end of each month, it's easy to filter on expenses and copy/paste into a spreadsheet.

Because of that mt credit score has dropped below 600.

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The property had been on the market for a while without much activity, so we made an offer at $5,000 (so 95k) below asking with paying taking 3% closing costs.

The answer is YES, and we will break it down step by step below.

I'm sure more seasoned investors than myself will have more to add, but hopefully the responses below give you some clarity.1) Perhaps the reason they are rejecting you isn't truly a lack of credit history.

What are you doing to get a 2-4 unit property using 203k financing for significantly below retail/market value?

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The realtor must have just figured out Snapchat filters judging by the quality.