Based on your criteria, I would do the following:Buy a fixer in a great and/or up and coming school district. 

Hey Pat, welcome to BP and I'm glad you took the plunge to introduce yourself.Yeah, as you mention, I'm a big fan of rentometer and think its usually within $50 of market rents.Also, as a first property, for me, it was very convenient to have a rental very close (next door in my duplex).

I am based in Pearland, reach out if I can help in any way. 

Consulting with a real estate attorney, financial advisor, or experienced real estate investor can provide personalized guidance based on your specific situation and goals.

You're asking for the holy grail.There's a joke in the contracting world, but it is probably based in reality Price-Quality-Speed. 

Based on your numbers, you don’t have a deal unless you consider negative equity at purchase a deal!

His house has high capital gains taxes (bought it 1983) and low property 19 (CA) tax base.

If the owner does not redeem and you foreclose and get the property, the price you pay is fixed based on your bid. 

@Dennis GuintoIndividual decisions should be based on the end goal/s.

Hey Isaiah, DSCR Loans are thirty-year mortgages secured by turnkey residential real estate properties strictly used for business purposes and underwritten primarily based on the property.