., $50/sq ft - seems too low), which makes no sense to me.

This likely means your late fee is too low in proportion to rent. 

I haven't seen rents this low since 2010-11.

The situation is a toilet, the tenant complained that the seat is low, which I suggested to her a seat riser.

Also, you should be focused on constuction lenders who offer best leverage (usually those who will capitalize interest reserve &  finance a portion of the soft costs), lower floors on the rate since most banks tie their construction debt pricing to the fed rate, perhaps offer lower or no pre-payment penalty if the property reaches the permanent financing phase of the loan product before you are able to refinance and low or no required depository relationship outside of the actual operating ccount.

But I noticed that rent prices  are still pretty low compared to the rest of the country.

If you plan to buy cheap low cost properties and primarily seek cash flow, then you can use simple ROI/CoC formulas.

If they end up being less then its a nice surprise, but you won't be in for a shock if you estimate too low. 

My guess is that they won't but I have no firsthand experience because I haven't bought anything from them at that low of a price.Good luck!

The cost of entry is low while the cash flow is high.