Also, make sure the comps are near the asset, with no major freeways or train tracks in between.In my opinion underwriting needs to be based on the current market with future projections based on historical data.

Our 3 options are: A- buy cheap housing in small college town.

I'm looking at finance options to purchase an entitled lot in Truckee, CA and build a SF modular home on it as an investment.

Currently only 335k left on the loan but the property at the time of refinancing appraised for about 550k.Are there any options for them to utilize equity maybe or some type of loan program that would put a lien on the property to get the issue fixed?

You also have the option of paying NO capital gains if you sell it within 5 years after move out.

A good option to get your foot in the door might be to house hack and rent by the room.

You need a lending and securities attorney.There are some West Coast-based lending attorneys who work nationwide that I have recommended, but you might ask around regionally first.

Failed listings could mean canceled listings, expired listings, or where there have been no updates to a listing for X period of time and they just move them to failed.Equity could be calculated based on FMV - original mortgage OR FMV - estimated current mortgage amount. 

Commenting to follow - I'm based in California

If you want to discuss that option more in depth feel free to reach out.