I waited until I knew enough about investing, to reduce my risk, before I pulled the trigger and made my first purchase.I'm taking massive action to acquire properties over the next 5-6 years and take advantage of the low interest rates.

Am I low???

You have very low end apartments along with higher end homes.

I am a retired scientist with absolutely no practical experience in real estate.

I'm curious: is FHA203k strictly for owner-occupiers, just like the other low deposit FHA ones?...

It looks like "average valued" slots in the area are going for 1000-1100.Overall I feel like the CoC for this is a little low considering the initial cash needed.

It might be cost effective to purchase another property since: interest rates are low, deals are out there, etc.

Very low interest rate on the loan.  

If you are buying a property as a long term investment there is nothing better than locking in that low rate for an extended period of time.

See if they will accept your offer with 0% interest (or very low interest)And then they would teach you to turn around and sell the property using seller financing but raise the price by at least 10k, require a larger down payment, and put a higher interest rate.