Value - Quite often there's hidden value in a home that can be unlocked pretty easily.

So bump the 5-7% on maintenance to a good 15% (sometimes more), and try to exchange things that rust easily with something that can last more in "near the coast" weather. 

@Dennis M.Wow...best replies I have read in a longtime...2000% accurate...this guy has unfortunately jumped on the BRRRR multifamily long distance bandwagon....and the wheels are falling off....I fear we will see MANY of these posts in the coming 12 months as people start seeing the numbers really dont work as those webinars so easily declared....

I made 15k on this deal, but it easily could have been 25k if I negotiated better at the beginning (and my inspector wasn't terrible) and I also listed it too low. 

There are more advantages to multifamily that you can easily research online.   

I can easily google for 50-200 acre plots of undeveloped land all over the U.S. for under $100k, but I'm thinking there's another level of scale I'm not seeing, such as government grants, auctions, etc.

And why would two professionals making that kind of money want to lock into a three-year rental when they could easily make enough to buy a home?

The lot is easily capable of holding 2 residences.

I think the hard money loan would be the best route to take as I am confident the upgrades could easily bring the value up to around 150k.

The reason for this post is because, if I'm buying a property, and I can easily afford to mortgage, why is the PITI requirement even a thing?