Over  a hold period as the asset gets older the operating costs usually start going up more.A seller owning a brand new built asset years 1 to 10 and claiming XX costs might be true but you owning for the next years 11 to 20 etc. the cost profile of the property will be way different as many items will reach the end of their life expectancy and need replacement or multiple repairs to keep functioning optimally.Even on larger multifamily 50% is common for total expenses and if landlord pays utility it can even be more like 60% operating costs.

The reason the rent is low compared to the value of the property is a combination of the local economy as well as the type of property.  

The fact that it's some combination (3 out of 4) of an ARM, crappy interest rate, points up-front, and larger down payment, will give it away. 

Is there a way to combine these into one loan and document it all with a single mortgage and promissory note?

I would love to connect with local realtors/property managers that could function as my boots on the ground.

The function of a good real estate agent is to ensure you get the best price for your property and to perform the associated paperwork.

A good policy will provide this limit per location as opposed to combined for all properties.

Ultimately, just be a good tenant and keep the place clean, safe, and functional, as in the case of any good quality rental.  

Combination?  

One of the lenders I talked to said the property has to be in a good condition for them to lend including proper functioning of all major equipment, no holes in carpet, no broken windows etc.