I'm not planning on managing it, purely for passive income. 

I'm buying it for a second home, not as a pure investment. 

(I love the breed, love the dogs, father used to raise them to hunt hogs, but something clicks in their brains (not all of them), and the force of their jaws locking down and pure muscle jerking back and forth is scary!)  

Again, this is pure thinking out-loud.

My property was so crappy to begin with that replacement cost was an upgrade in all regards.The day of the fire was pure hell for me, but dealing with insurance and rehab was pretty painless.

Due to some areas not having rent control, the cap rates that they are trading @ can be extremely aggressive, I have seen as low as 3% based on pure speculation and projections.

Hit or missIf I got this offer I would be insulted you're trying to bring emotions into a purely business decision.

I've learned something new today: in the past I always thought Sec 8 calculated rent based purely on local market rents, but what you're saying is they consider the expenses. 

For example, if you buy an average priced sfr deal and sell it tomorrow for $15k, that's not bad as long as $15k is pure profit.

@Gabriel Galarza So long as this is purely a case of an agent causing mischief and you have the contractual ability to withdraw (an 'escape' clause).