I’ll be sure to assume a lower income increase until I get a better understanding of my market. 

If you want some lower prices, Eastern Idaho is where to look.

The only time you are going to get a deal on the MLS is if you can get a property no one else wants for much lower than asking price.

@Steve Vaughan Brother yes, there are tons of opportunity to leave college with a much lower debt.

Keep in mind that sometimes there are properties with rents much lower than market that could drastically affect the property value if they were increased. 

Next, housing affordability will always be an issue for those with lower wages. 

Most rent-ready or good area 2/4 units are not cash flowing at the prices they are at right now but if you find one in a lower income area and are comfortable living there - then you could have some upside there. 

You can pay points to get lower interest rates with > 20% down no insurance.

I would try to lower my resell price since he is probably motivated as a seller and has earned two or three times his original price.The age of the house and all of the weather it has been through does concern me as well as the basement condition.( I might be a little biased because I've been in Dallas,Texas all of my life (for 61 years). 

Having to "come out of pocket" at all makes it typical to justify it as a  good investment.It looks like the only way to make this work would mean you would have to lower the price down substantially.