When you don't have a very high amount of rent per unit, even if the unit is cheap to buy, it will still cost roughly the same to maintain as a more expensive unit in terms of roofs, water heaters, etc.

Red flag for me is when the hoa fees are so cheap like this one.  

A lot of my peers use this loan and it is a golden key to help you get into a cheap loan. 

But as Neal mentioned, its not email cheap....

They are dirt cheap for 1 or 2 million dollars of coverage and cover all kinds of interesting events.

Sit home, buy houses cheap, send your contractor out to fix them and have your listing agent do the walk-thrus to tell you what needs to be touched up.

I had to do the cost effective way (I don't mean cheap, but within reason).  

@Kevin Siedlecki if sellers need to sell they won't care about your credit If they just want to sell they will not sell it cheap enough for it to be a good deal You are looking for people that are motivated sellers Not people that just say they are motivated and then ask retail value for their house 

Consider buying a a multi family that cashflows better like a duplex, and in a reasonably cheap market.

The best duplexes have split utilities and dividing the heating system and the electrical into two parts on a SFH is not cheap or easy.