Thanks for the response and confirmation.

It's generally, and you seemed to have confirmed it, a procedural problem/defect in process that was brought to their attention.  

While we're on the topic, another great piece of software is TValue. 

Have you checked Craigslist or Rentometer.com to confirm your understanding of the difference of an extra bedroom?

We share a similar path as my formal education/work history is in physics and software development and I too would like to eventually move away from that and run my own REI business full-time.  

I'm a passionate sales guy in software looking to jump into real estate investing.

And Zillow has never been inside the house to confirm condition.

Response rates aren't that high so you need a large sample size.2) Don't forget most people don't hear results until the 3rd-5th mailings so you need to stick to it3) Unless you're super small, you'll need software eventually or you'll ineffectively spend your time writing each letter individually, stamping, and mailing.

He does have 2 confirmed roommates who want live there.  

Yes this confirms my second fear that even if a seller where to carry 20%, banks these days would not finance the rest with me only putting in 5%.