@Neera MelwaniI recommend finding a tax strategist specializing in real estate taxation.

Asking $620k Debt service $4,352/m (10% Interest, 30-year amortization, 80% LTV) Taxes ($1033/m), insurance ($833/m), maintenance($1000/m), property management ($2400/m)Total - $9,613 (very rough estimate) Cashflow with 70% occupancy - $2,387/m (Cash flow pro-forma with adjustments $7,000/m+)What am I missing? 

Can you legitimately purchase multiple properties with this kind of funding during a short period of time? 

Which is why you don't see many legitimate "listing services' who will just post your property cheap. 

Their 10% cap rate valuation was even less than the town’s market appraisal to determine property taxes.

The additional costs for commissions and costs are negligible in the bigger picture and if you are looking at capital gains tax it's a deductible sales expense which more than offsets the additional costs.

i would be purchasing the property with an FHA loan. and im also looking for solid cashflow + long term holding I think house hacking is great way to get started, especially here in SC so you can take advantage of the lower tax rate.

I pulled a list of tax delinquent properties in my area.

Remember also that the interest on the loan is taxed at ordinary income rates.So for example lets say you have 100k and were making 8% in the markets - 8k per year and say you are in top bracket, you will pay $1600 in taxes per year or netting 6400.Now lets say you did a loan and were at 5% you are earning $5k per year (actually less because principal is being paid down and some of money goes into essentially a 0% checking account).

Even if you're still paying for some of the expenses out of pocket, you've most likely drastically reduced your cost of living by eliminating most of if not all of your mortgage, property taxes, and/or insurance.