First off, Houston does not have the same housing problem that Washington D.C. has and therefore the housing assistance voucher amounts are reflective of that.

Or does this reflect poorly on us?

I can still put a 20% down in this new property but LO said I cannot take out b/c my W2 doesn't reflect the increase. 

Does that 50% get bumped up to reflect the current FMV of the property?

Hopefully, that does not reflect too much on your opinion of our company going forward should you want to do business.As to the last part of your post, we are very blessed.  

Rents must be maintained annually at market and market should reflect the annual cost of living index.

Most of our properties are leased before closing and our average tenancy length has actually increased to 37 months, so people are staying even longer.I won't ramble on any longer, but my point is that there are some market forces that you can't see reflected in numbers because we can't quantify them until later.

Therefore the prices for REO reflect that. 

The quality of tenant will also reflect if you don't take care of it ASAP.    

Given the track record, I am assuming you would be able to have stabilized NOI being reflected by end of year 2-3 at the latest.