FHA has first-time buyer programs set up for people just like you that require pretty minimal down payments. 

The proximity to VCU is a bonus for minimizing vacancy risk.

I simply refer them to the condition catalog and provide after photos only as needed.Lastly, don't ever waste your time arguing over deposits on the phone. 

Needed minimal work.

The fact that you are competing with another buyer tells me this is on the mls and you are wasting your time and that of the seller on this one.

Not necessarily because in exchange for that minimal cash flow you are absorbing a lot of risk.Instead of being on the hook for large loans, what if you were signing up for a prison sentence?

But if you don’t have anything and aren’t planning on shooting in general, a single point and shoot might be better for someone that only wants a cam for real estate rather than a bulky cam and swapping lens for a minimal difference in price. 

Cash flow may be minimal right now, but appreciation potential is there as more business development happens along 52 and 54

There’s a property nearby me, that when I wast starting to look for a place out of college was on the market briefly.

Because my search is broad (and flexible) and I don't like wasting my realtors' time, I'd rather focus on an area and a strategy first.