Regardless of how new everything is, you should still budget monthly reserves for CapEx, OpEx and vacancy, until each property has built up sufficient reserves.

When you correct something that the lease does require of you, prepare a fill-in-the-blank form that you have them sign each time that shows the date that they brought the matter to your attention, briefly describes the matter, shows the date it was fixed, and states that their signature (make sure it states one party signing is sufficient) shows their full satisfaction with the action you took. 

Some homes have gone for 130k in that neighborhood and they range from 1200 to 1400 sq.

Lenders we have worked with look for a 25% down payment, an adequate reserve, and a personal guarantee supported by sufficient personal income and assets.

We found a few companies here in Texas & their fees range from $850-950 per transaction.

By the way you can buy houses in south Jackson in the 30-35K range without a leaky roof.

My Robbinsdale duplex rents for $1250/unit and I bought it for $195k.As an agent & investor, I'm viewing duplexes in western suburbs (Hopkins, Crystal, Golden Valley, etc) going between $230-290k with rents in the range you listed for the 400k properties.So...yeah...to me...you are right in saying it is too high.  

I am hunting Memphis right now for a lender that will do a portfolio loan for an investor looking to buy 10 properties, hoping for that elusive 5% range rate even if its a 5 year arm.  

The value range would then be based on $9,300, at 25%= 2,318 or up to 75% being 6,954.

The only exception I found was to have a "test range" outside of a free standing gun dealership only to be used limitedly for prospective buyers to test a handgun, and then only with the larger and harder to find containers.