Otherwise it seems they trapped more equity than eluded to because I agree with your numbers. 

That seems to be the website, but it is quarantined for being a risk.

The information seems outdated.

Total cash needed shouldn't be $080LTV on the refi is hard to come by unless you have amazing cash flow (lease in hand) or they will take market rents.Monthly landscaping seems a little high5 month timeline is fair.

For what seemed like a decent amount of money there were still paint drips on wood trim and other cosmetic errors that shouldn't have been made.

Maybe do a tandem approach and depending on your location and price points etc.Nurses mostly get a daily stipend to spend on housing [some have the employing agency pay for the housing] what I found is that even though on average nurses get up to about $180 per day in daily rental stipend - they do not seek out to spend that much and look for cheaper housing - the kicker is it seems that they get to keep the difference of what they do not spend on rent and pocket the difference.So I put my lisitings on Airbnb sometimes as weekly, mostly on as 30 day rental [to keep in compliance with various city, HOA and local laws.So lots of different strategies to go and to keep your options open for all sorts of travelers  that we can not even think of, so expand your criteria.

It seems like a pretty good deal, but that location in Saginaw seems a little bit rough.

The homes in this specific area consist of older homes which on a surface level, seem good for a BRRRR strategy. 

You find a property that 'SEEMS' to be a bad deal and 'seems' to produce no cashflow BUT upon a little digging you find that indeed it is a great investment because the rents are below market -- hence, buying below market value.

However, when I specifically am searching for multifamily properties there doesn't seem to be much supply here, and the price points for homes don't seem to suggest great cash flow either.