She told me in private that she bought the house with a low down payment of a "couple of thousand" and that she put in her pocket $140k.

I'm considering making a low ball offer.

Looking at listing may not need full rehab, new roof and water heater done, 3br in neighbor run 900 to 1000, rehab for low maintenance, try to buy as low as you can , look at comps, probably could go in as low as 38-42 with good agent and stress as is, maybe a few agents here to help, get one to give you good numbers not listing agent numbers , street is a nice one for area, not much back yard or parking but nice front, before you close make sure vacant  contingent, if numbers work I would do it, the are predicting an abundance of rentals avail next year with building craze but keeping expense low you should be safe, remember don't rehab as if you are living there, think durable and repaintable, number should go into systems and structure first, elect,heat,walls, windows,floors,plumbing, if you use a contractor go with one you know or work with someone in area to keep an eye on progress, good luck at least you know some of the history of the property

Go to the nearest Home Depot or Lowes 15 minutes before they open.

You are virtually guaranteeing she gets a low offer.

Below are the models I’ve used (confirmed insurance and taxes with insurance quote and auditor website) at the low and high end of rents.

If the current rents are as low as you imply you might try a cash for keys approach.

My intention at that point, which is likely to change, will be to buy low cap rate/high appreciation properties.

If you get something in appreciating market, like the Bay Area, and you hold on to it for a long time you will see the value of your property rise, but the property taxes stay very low because of prop 13.  

Several of us on this thread are no doubt picturing a very confused expression on a low-life's face who was expecting 90 days of rent free living.