Vacancy rates are so low here right now you have to be on your toes if you're looking for anything other than an apartment! 

Even the annual cash-flow is nothing more than an estimated number based on 5% vacancy and $800-$900/unit/year reserve for capex and $300/unit/year in repairs and maintenance, and $2k for accounting. 

This is driving up the price of surrounding real estate which makes it closer to a gamble than an investment (which certainly may cut into cash flow). 

I currently have 2 rentals plus my primary and still have room to get another loan (based on lender feedback) so plan to exhaust my conventional loan options before having to get creative.  

Why you will get higher returns in the short term in a declining or static market than an appreciating marketHow do you profit from a static or declining market vs. an appreciating market.Declining vs.

If there's an undesirable lot or funky house they can't move, they'll negotiate on it much easier than an owner occupant who has an unrealistic expectation and can't afford to discount.

Not an exhaustive list by any means but some names of realtors who specialize in investment properties in Edmonton...Andrew Barrett Selena Cheung Corey Young Either I or my wife have had brief but pleasant conversations with each of them and while we have not done enough research on Edmonton to formally recommend any of them, they would be a good place to start. 

Second Home is worth 300kHe's asking 250kI'm sure others can give you far better advice than myself, but if I were you I would exhaust all of my lending options first, then start looking for a way to get seller financing, or a partner in the deal if the deal is sweet enough.

In the long run family is more important than an extra $500 dollars a month.

Be careful that you're not looking at a more comprehensive neglect, though, where the cost of all the deferred maintenance eats you up.The national average for appreciation is 3-4% (I think this is a rule of thumb more than an up-to-date mathmatical fact).