This is pretty typical for any property with those numbers.I would focus heavily on the property manager and management company.

I won't say impossible, but about as close as you can get to it as a method of acquiring properties in this business.Large institutional lenders are heavily regulated and have these cumbersome bureaucracies to protect themselves from exposure.  

HW are specifically tailored for owner-occupied properties and depend heavily on minimum expenditures/life extensions for failing home systems. 

Even if the purchase price is heavily discounted...

@Jerome Harrod II- I know you allude to this, but it is heavily dependent on the market (I know that's not the answer you want to hear). 

We were out having a couple of drinks and turns out that my friend's friend was heavily involved in real estate and through him we were able to find a good deal on a house to do a buy and flip.  

We drank the kool-aide.

I plan to market pretty heavily to the college in hopes someone will like a furnished, trash and water paid rental for the school year.

Killeen economy is heavily dependent on Ft.

If you want to remain in this market, and you want a steady source of deals (as opposed to just stumbling across one once every year or two), then I think you're going to have to invest (heavily) in marketing.