That being said, for NYC that's not too bad and if you really can get a place that generates $3800/rent for $400K, that's a great deal.

Your tactic is BAD either way and could get you sued especially if the seller can prove you had no intention of closing as the buyer and you try to back out. 

In the past people that I have worked with more or less ask for forgiveness, this is a risky step and would only advise with a good local architect and contractor willing because it also makes them look bad.

Investing up here in Boone is impossible with property values so high so Ihave been looking more towards Wilkes and Winston.Is it really that bad up there in Boone? 

I'm selling it for 10000. i asked buyer to pay all closing costs with the cheap price im selling it for (the house is in rough shape but not as rough as comparably priced properties in the area most of those have a bad roof or foundation and this one doesnt its livable actually ).

It is helping you weed out bad tenants.If they are not financially responsible enough to save that tiny amount of money they are just a breeze in the wind away from not being able to pay the rent.

I don't have the rehab properties left in me, and to get one back in bad shape is just not what I want. 

I'm not saying IKEA is necessarily bad but it doesn't have the charm of what you might find used especially if you want your place to stand out.

Especially the type of neighborhoods, good locations vs. bad locations; market rental rates, and what's a good purchase price range. 

I tend to ignore bad inventory/high price talk and just focus on building my network and deal flow.