Everything that bank is telling you is true about their bank.  

*Property Tax*Maintenance Risk*Actual Construction Cost - you said paint & carpet that can be very relative*Vacancy*Time back to market post tenant turn---------My answer is no this is not a turnkey rental, again, this based on the true definition of Turnkey - How do you intend on managing it for the individual you plan on selling the note to?  

But I am hopeful that you will reconsider the purchase price and really dig deep on the true costs of operation.  

yes, true, I just purchased one in Baltimore county for $5,000.

While a walk through may identify a variety of things, a true home inspection is not that expensive compared to the purchase price and may identify issues that can either save you money (in the form of concessions) or reveal issues that may kill the deal entirely.Restoration deals (i.e. mold, fire damage, etc.) can be very profitable, but you need the right team.

I don't think there's a true ghetto but things can get a little po-dunk if you go too far in any direction lol. 

Seems like a dream come true!

I hope to pull the trigger in one of these markets with my first investment property this year, so it shall be determined as to whether the rational hold true.

IT's true I live here and the prices are over inflated

I agree with you though having TRUE cash equity into the deals is far better than where we came from short of cash sales. and because of competition and the inner net turn key folks have had to up there game..