Its currently occupied and the rent being charged is way lower than comparable houses in the area.

Maybe $2450 a month for a 3 month lease - month to month after and a lower rate for a year or more.

Expensive cars and their corresponding car payment is the biggest reasons Americans stay poor or lower middle class

I lost a ton of money but learned a lot.What I would have done was purchase a multi-family property to lower my living expenses and even earn income.

Rents are a little lower than other parts of town.

Madeline Graham I’m finding quite a few properties at prices lower than that.

If it is because seller will take a much much lower price, then why haven’t they done so with the agent?

Yes, your interest rate will be lower, but the Mortgage Insurance Premium (not PMI as many people often call it) is not only a burden, but a huge waste of money (basically paying the FHA's bills).

It might be a good time to find a lower cost of entry market or just bank your money for the next downturn.  

The wealthier areas will be lower risk, and thus lower cap rates.