And what's more is the basis on most of the properties I've seen are substantially under what market is.

I'm a gc, and the costs now are are substantially higher than 2 years ago.

We could debate whether that is fair or true, and I would be curious to see a graph detailing how likely an offer is to close based on the down payment percentage (ex: buyers with 20% down successfully close X% of the time).Tangentially, my friend @Andrew Freed shared in another thread that FHA buyers still represent a substantial portion of the market on multifamily properties, so if you hear someone say "It is impossible to buy with an FHA loan in this market!"

Use the calculators to determine your potential returns, set aside a substantial capex %

Also, I don't plan on flipping it. the plan was to do a buy and hold unless a flip could produce substantial gains.

I have been advised before that offers from large national brokers are sometimes not taken as seriously as a local well respected mortgage company/ bank, as national banks sometimes have substantial delays that more local banks/ brokers can push through. 

Cash flow can be tough at today's prices and cities that have very low buy in often have surprisingly high property taxes as a percentage of overall operating expense, which eats into your cashflow pretty substantially (Toledo OH, for example).

The only caveat to doing this is ensuring mortgage rates are low so your monthly payment does not increase substantially. 

That is substantial amount of needed repairs.

There was a big change in second homes, but most likely is that rates are up substantially in last month.