The HM lenders I've seen in the DFW area typically do 70% ARV in the 14% range, 2 to 3 points sometimes one point upfront and the rest on the refi.  

@Jimmy Chin, I have insurance quoted out in the $1,000-$1,200/yr range, depending on options.

Respect your tenant's privacy8.  

I have been researching the Cleveland and Hreater Philadelphia area respectively. 

Any particular area and price range?

Hmm... did not know that having property in the 50k range was going to be a problem.

The truth is there is a very limited amount of cheap condos out there.For example, the cheapest 1 bedrooms (South King County), I have seen earlier this year were in the $40k price range.  

But that interest rate was much higher.They all said they use the prime rate + their points on top but no one could tell me where there range would be other than one that said flat out minimum of 3.99%, which means it would likely be more.How do you figure out which one to go with?

You'll find that there is a high level of competition for properties in this price range and I am reasonably sure that this one will sell for significantly more than 83k.

What price range is the rent?