Even the rent being paid now is pretty low for that area.

Like Scott said, maybe the rent is way below market value, but it would have to be WAY low to hit that 50% rule. 

Our research says the area is on the rise but we're looking to jump in on the low end, under 130k. 

Before repainting everything and replacing carpeting I'd recommend picking up a good ozone generator machine at Home Depot or Lowes and running it in the apartment.

Population Growth, Low Taxes?

First step is to talk to lender to see what you can afford (called a pre-approval) and look at all of the different low-down payment options. 

Just wanted to get some ideas from people; so utilizing the "other people's money" technique I applied for a 30k loan and was approved at 8.99 apr.

Here is the story:I have 90K cashI'm looking to buy an investment property for cash flowMy credit score is great (above 800)I don't have any debtIt's the first house I'm buying Trying to get a mortgageThe problem: my income is low, 25K a year.In this conditions the banks wouldn't give me a mortgage since they say that my income minus my current rent and other expenses doesn't leave me any cash for a mortgage payment even that I would be renting out the property I'm buying and that would cover the mortgage.Any ideas how to get a mortgage with those numbers assuming I'm not going for primary house?

There seems to be a conflict between the supposed great condition of the building and the low rents and vacancies.

Maybe I’m misunderstanding this - .. they knew this fella was a low life grifter and yet due to an old eviction they did yet still took him in under the lease .