In New York / San Francisco / Boston / etc, the 1% is unheard of and anyone searching for a property matching that hurdle is fighting a losing battle -- it is more like the 0.5% or 0.6% rule depending on the city.Likewise, in some markets a good deal will be 1.5% or 1.6% and the 1% is also useless in this instance.Underwrite 25+ deals in your market, determine what a "good deal" looks like in your market (in terms of cap rate or 0.X% rule), then go from there.

And being from Miami it is unheard of.

@Justin Pumpr..You can get to 80%.  85% in that loan amount range is unheard of on straight purchase, unless like you mentioned, it's being looked at from a LTC perspective/completion value. 

In this market they're almost unheard of.

It's certainly not unheard of, but it's far from how things are in residential where buyer's agents are essentially the norm.You'll find the most success by building relationships with brokers who list the types of properties you're looking for.

Is this unheard of?

In more favorable buyer markets, it's not unheard of for sellers to do lease options and/or finance the home as the lender for a period of time.

Unfortunately this is not unheard of.

I'm having some clients get houses under contract for near asking price, unheard of just a few months ago.As with everything in real estate, no one knows for sure.

Finding something at a 200k purchase price with $1800/ month rent is unheard of where I live.