But a low purchase price sadly won’t matter if the house barely rents at all unfortunately

Upgrading on seemingly frivolous touches in LTR won't pay off in the rent increase (if you even get one).   

It is predicted that the number of foreclosures will increase and I would like to capitalize on this as a mechanism to acquire properties.

This new form allows us to order a 1007 rent schedule with SHORT TERM RENTAL COMPS.

For properties in that range, my monthly payment will be more than 40 percent of my monthly income but I should still be able to pay for that by renting the other rooms.

LIHTC development, Section 8 focus, or just finding really inexpensive real estate and intentionally keeping rents lower than market to provide affordable housing for the area.  

What's at risk is it may not cash flow and renting is not so common in South Jersey, but I would feel more comfortable investing in a good area where schools are decent to good, and tenants are likely to care more.

Credit increased and sitting on another 100k cash now.  400k+ liquid cash.  

I'm financing it as a second home (since I'll occupy some of the time and rent out when I'm not there), through a conventional mortgage.

Right now, I am thinking of turnkey out-of-state if the market continues at this pace because property taxes are so high in El Paso and rent growth has not increased with prices.