Forget about the complicated stuff like cap rates, which aren't really used on single family, and definitely don't buy hoping for appreciation.  

Yours sound like single agency.

I bet you wouldn't.And then you didn't specify LTV so we can only assume you want 100%.

There are two exceptions - (1) people who out of sheer luck purchase property just before a large run-up in prices because of either inflation or the luck of being in the right place at the right time and hanging on to the property, can obtain a large degree of wealth without great knowledge or education in real estate and (2) those wanting to fix and flip single family homes can develop a nice business without the heavy education and experience I noted above.  

I bet she would of paid the $100 with the yard looking the way it is.

Local community banks and credit unions are probably your best bet.

Below is current data on median rental rates for single family homes in Austin broken down by MLS area.Here is a map of Austin MLS areas:Here are the 30 areas in Austin with the highest median single family rents: Here are the 30 areas in Austin with the lowest median single family rents:I hope some of you find this helpful!

My wife and I are just about to jump into the real estate investment arena with a single-family home in our neighborhood that we hope to successfully manage as a rental property.

If it is in there then I believe they can request the lease be terminated NOTE: I AM NOT A LAWYER AND YOU MAY WANT TO SEEK ONE.Your best bet would be to call the President and let him know that look, I screwed up and I apologize that I did not do this, but can we get the lease approved. 

This option intrigues because I have heard a few people on the podcasts say that they have rented to buy I just feel like the other one is probably the safer bet.