It's section 8 approved and is currently bringing in about $14,000/month in rental income.

This includes comparing the overall cost of financing throughout the course of the loan, including interest payments, to prospective rental income and property gain.

Do you want to generate passive income or are you okay with negative cash flow?

Politely decline those with poor credit or insufficient income.

Dear all,I am new to real estate rental investment and looking to purchase my first rental property as a source of passive income. 

That sounded dangerous to me then, and it still does to me today.I have been investing in the Smokies since 2005, and there has only been a couple of "windows" in that 19-year span, whereby an investor could reasonably buy a property and earn much more than break-even in the early years. 

.: @Indrani Peyton There are more details than just simply getting approved for 400K with a minimum 27K income.

You will need 2 years of tax returns showing consistent income.

AirDNA shows potential earnings of $79k gross per year.

It can serve two purposes, provide a roof over your head and still provide some income to OFFSET your LARGE MORTGAGE payment, since you are considering putting 5% down.