Just getting a letter from an employer who keeps no records is not verification.

- Market is very high priced such that getting a 1% rule off MLS is extremely rare- MLS listed, move-in ready, C+/B- property in a C+/B- neighborhood- Property is a full duplex leased at $850 and $650 per month- Leases are month-to-month so rent could be raised or tenants replaced with relative ease- Rent-o-Meter shows the median rent to be $1300/unit and average to be about $1100/unit- Driving thru neighborhood a neighbor said he pays $1000/mo for similar/identical and is a multi-year tenant- Assuming $1000/mo/unit yields ~$125/unit cash flow and ~23% COC Return (10% reserve each for Vac., Mgt, Rep & CapEx)This all sounds too good to be true but here's the kicker: Rent-O-Meter shows the average rent trending significantly downward from about $1450 to $1100 over the last 24 months.So, my question is do I pursue what looks like about as good a deal as exists in my market (at least with on-market properties) or do I take the falling rent as a significant red flag?

@Yuan HeTenant verification services out of Langley I believe.

I'm not an attorney but I wouldn't let anyone be added on without the following:-Your general approval-Review of assets, full credit and background check, and income verification-Speaking with last two most recent landlords and/or proof of consistent paymentYou need to see what the laws are where the home is located. 

For example, suppose you are considering three identical properties that rent for the same amount (yes, this is an over simplified and contrived example!).

It seems like a fourplex surrounded by other (almost identical fourplexes) selling for about 50-60k more.

These extra steps would be up to your discretion, so if you do question the legitimacy of the tenant's condition then request verification.

My backup strategy was giving the applicant an Employment Verification form with a line for a manager name and signature, and asking them to go have their manager/supervisor fill it out and sign it.

Very little paper work and verification.  

It may cause more headache than it's worth to try to start refi and the deed comes back to the wrong name/entity when the refi company does their verification.