Does this sound like a terrible idea? 

I hate doing it, because I love veterans, but the VA is terrible in so many ways.

WARNING: But I can also tell you, at least the corporate office in Columbus, that they are TERRIBLE.

I have had terrible luck trying to get loans other ways and I recently found what I think would be a great rental property and I'm eager to get started.

Rent growth and capital growth are both relevant; if you need the cashflow today it's a terrible market, but if you plug in even a modest appreciation number of, say, 2%/yr in house prices you end up with an extra 20k/yr. 

And if you find one who is, run away because they're a terrible investor. 

Terrible deal, you should want to be into properties at a minimum 80% value.  

It's not the best deal of the year, but it isn't terrible. 

It is a bad guideline that if anything gets people in trouble by pushing them towards terrible neighborhoods, which are the only places you can come close to a rent ratio of 2.

wells fargo offers the product... not terrible rates..but you need to have an existing relationship with them  as in an account history etc... at least that was required when i first looked into it a few years ago... rules might have changed now.