Basically impossible with that many lots.  

Yes first-time buyer DSCR is actually fairly common, especially here in Southern MI. 

Basically it's "Hey borrower, you already signed a deed in lieu.

I am considering getting into this space (looking at some courses), but worried that its too late, and that deep local market knowledge/understanding of buyers/connection with developers etc is required to make this work, which only incumbent/long term investors will have and would be hard for a new entrant starting from scratch to catch-up...is my hypothesis valid in your opinion ?

They give the same $12k in closing costs to new buyer, $24k in realtor commissions, tack on say $4k in late fees, foreclosure costs, etc etc etc  so they “net” $360k.

I think it will add more competition to the rental market and the buyer market specifically up in N Phoenix, Deer Valley, Desert Ridge, and then up into Anthem - but will bring up value throughout the county. 

I sold an apartment building and as I lived in the building was always there when my realtor showed it to prospective buyers. 

It feels like the focus has shifted from creating value to chasing quick payouts, with little regard for the end buyer.

@Casey GrahamAggregating 100 doors in a growing market could create significant value for an institutional buyer.

Proceed with caution—Buyer Beware!