The frustrating part came in when I lowered my number to $185K based on the reaction of a contractor who walked the property with me.

The other is much lower but is a fixer upper that would probably require work that would bring the total cost to be $140,000 with the addition of the money to do repairs. 

I quoted Cardinal Kitchens and then Cardinal Kitchens via Lowe's and the price through Lowe's was actually a little lower.

It wouldn't hurt to ask a few more banks to see what they can offer but I cant imagine you getting anything lower than 5% which would drop your payment to $415.

Seller financing is often an option in these lower priced amounts

The listing price may represent the properties value but in some cases is higher or lower (typically higher). 

There is always the chance the owner will be offended at the lower offer, but I doubt a rental company owner would take it personally.  

If the cost of any items were substantial, I would re-open negotiations with the owner realizing that he can simply inform me that he is unwilling to lower the price. 

What works for me is; it is always 2 letters lower than how the seller describes the property.

My fear is if I Lower what I can take a month then my other tenants next door will want me to lower thier payment a lot lower as well if they find out.I even thought about doing an Airbnb on it, but would need someone to manage it.