We have a good ins broker here in town, he gets reasonable homeowner's ins for our owner fi houses, and the car ins he just got me was incredibly cheap. 

I doubt you'll get anyone to even HML (80/20 LTV) on a property that is selling its NOI that cheap unless it is explainable.

The $250K price you mentioned would be cheap for Downtown DC and would probably cash flow nicely. 

@Rumen Mladenov $1 million liability is very cheap.  

If leasing, then cheap tile backsplash and either Formica or Silestone counters.

After the rehab, we generally re-apply for a landlord policy and cancel the first one.A big part of this being reality is huge losses to the insurance companies where a so-called "investor" buys a property cheap, insures it, and then a short time later has a catastrophic loss and a large payout from the insurance.  

They offered to pay $150 more per month just for a few cheap furnished items I provided and already were paying 200 more than I had originally asked when I was only adbvertising to select group of people (mainly not college students). 

Many investors think this way when looking at really cheap property in bad areas.

I have been criticized here many times for being too cheap, but I don't mind.  

You might be able to do so in some cheap markets.