I was hoping to offer a lower price due to current condition and slowly raise the payment back as we get more tenants. 

Now I'm also a GC so my build cost may be lower than somebody who needs to hire a GC.

I believe it tends to give me a slightly lower return, because the sponsor is going to be more careful, and if there is a severe downturn will prevent me from taking catastrophic losses.

While it is difficult in Texas especially at a lower price point, call a local title company.  

Being that an FHA  loan is a government guaranteed loan, only available to Investors who are househacking, it offers a lower down payment and an optional seller assistance. 

If you know a commercial agent that can find sales comps in your area at a lower cap rate you should be able to show appraiser the value.

Pros to this approach would be lower starting cost (I am still saving up money for a down payment) and not having to deal with tenants.

You can borrow 50% or 50k, whichever is lower, from your 401k with no tax implications.

Dallas County and Collin County, but our basis is considerably lower than prices now.

Now tenanted and has some operating history to show.Basically there should be a 'story' behind why there is limited info being provided and you need to find out what it is.Regardless, limited information means more guess work on your part which means more risk and so a lower price to mitigate and leave a bigger buffer.