Don't waste your time with a loan from USAA, there are much more competitive rates out there with much lower fees.  

There are more variables but less competition.  

Like Matt said, it is the hood.One problem you've already found is that there is very much competition in your price range.

I realize LA is a very competitive market, but I love to persevere in tough environments and I look forward to the challenge!

I can't say upper end, because I rent to middle & lower middle class, but my places go like hotcakes compared to the competition.

Not sure how much of an influence that had on the banks decision to give us these investment mortgages.

@Eduardo Suarez If you are a Realtor, you can log into www.floridarealtors.org/ and find a buyer/brokerage agreement to ensure there is no competition between him and other agents.  

There was MF debt circulating in the low 4's well after market rate loans were into the 5's that was portfolio money that just wanted to lend on MF assets in our market and was willing to do so at competitive rates. 

Very competitive there now I agree. 

Has minimal competition How did you find this deal and how did you negotiate it?