Purchase price has nothing to do with cash flow.I calculate cash flow as rent - 30% (vac, maint, capex) - PITI = true average cash flow.

@Jonathan BarrVery true Midwest is a cash flowing market.

It could have been kept alive with cash or perhaps private money if someone was okay with cash flow and no appraisal.Sounds like you have a good property and just need to see it, get aligned with someone you trust that can run true comps, take a look at the main house if you can, and see if the 203k is going to be an option with that particular property.Hope that helps.

In your experience, have you found that to be true as well?

Well everything that I’ve read online about these “free” seminars is unfortunately true.

Here are some tried and true methods to find good brokers in any market:1.

I've been repeatedly told there are no good ones and now believe that may be true. 

However I am running the issue now of determining the true value of the property. 

You cant just say "rent is 1% of purchase price" as if that somehow makes it true.

If it sounds too good to be true 😉.Also - billboards in most areas are crazy regulated.