It means that in strong military rental markets where on base housing is not provided, a service member and their family will receive extra money's to rent/buy a home, in addition to their paychecks.

I currently have three additional properties on contract that I will be adding in the next 45 days.

My strategy is to do both so I do still have additional capital available just in case I do find a deal that I'd like to jump on. 

@Judd CampbellLooks like the additional searching may be paying off.

Thank you for the additional information and suggestions.

I already bought 4 units additionally in another town, and I want to 1031 this into another property as soon as this closes, so at this point, if any appraisal comes in at 280k+, we will take it. 5-10k is not worth the headache of dragging this on another few months, getting another inspection report, etc.Honestly, I thought about that option of "bridging the gap".

Do you want the Million dollar homes in addition to the very low end?

That solves the variable interest rate problem and allows you to pay off the HELOC and use it for the next one.In addition, most HELOCs have very low fees.

Agency debt is also not going to be possible under $1M (as pointed out by @Mark Allen).Best bet: Either find additional capital partners, tap into bridge loans for short-term financing (while you sort out your liquidity position) or pass on this deal. 

Additionally, similar to what @Omar Khan was saying, you typically see a larger return as a percentage of the purchase price in lower income areas.