So instead of say a 5% cap rate, one can achieve over 10 fairly easily.

I use for buying HUD's and they say a little over $1K.

With that said I am going to say a few things that are very unpopular:1.

This is why people say a good contractor is worth their weight in gold.

If it is say a 4 bedroom and they are paying the rate for 3 bedrooms you can probably get the rent up down the road however if he is figuring the rent on 2people/room and that is not customary in the area I would definitely walk if the single occupancy doesn't support meet your profit margin.  

As an agent what I have found is that even full-time agents are hard to get in touch with so to say a full-time agent is always available and ready to go is not factual.

I think your doing all you can do.if the property is local then go over and introduce your self.When i was in the Timber business ... this was the norm.. it took us 3 months to 5 years or more to talk a timber owner into selling us their timber... we just dripped them to death... my partner would always say as long as the trees are still standing its a potential deal for us

Allowing say a 5K  foot to be split in 2x2500, is how they get "affordable" units to work.The other thought is an inlaw-unit which would create income for whomever buys and builds.

Disclosure of sales in the lease is a plus as you can monitor trends over time and likelihood to renew the options and plan accordingly.There are some value plays with a Walgreens where 5 years left on primary term for say a 7 to 8 cap.

Would you say a “simple” single family or is the starting line somewhere before that simple house?