That requires a lot of leg work and probably a phone call because letters don't work. 

We are considering refinancing to pay off some debt and take out our PMI to lower our monthly pay down.

"Deciding" to artificially lower these amounts in order to qualify for a mortgage is otherwise known as mortgage fraud.

@Matt Morand In our experience, the costs to turnover a unit are directly tied to the class of tenant living in the unit and how long they have lived there.If you are dealing with lower C and D type areas you can expect at minimum to have to repaint the entire apartment and any carpeting every time someone moves out.

Cons: my grandfather hack jobbed most repairs. leaking roof, stoop and porch need redone, lower unit kitchen needs complete remodel, 4-5 coats of paint on all walls, reoccurring mold in 1 bedroom and same bedroom needs insulation, upstairs unit you can hear anything and everything, all doors are original that came with the home, also have 4-5 coats of paint on them. small cockroach pest problem (not severe YET), Bathroom needs remodel and sewage lines need repair.

Finding homes as investments has lower criteria in at least the finding aspect than finding the forever home. 

Maybe a slightly lower paper return, but a lot less risk

Remember, if the numbers don't work at the asking price, offer a lower number that does work. 

Even if you do have a low CTR rate cause you are in these lower positions, the idea is the more auctions you show up on the more chances you have of getting clicks and spending that full budget.Contrary to popular belief, which is just showing up #1 for every keyword, statistically speaking if you only show a couple of times in those high positions you end up getting 1 click and lets say you have a 4% conversation rate your going to have to get a lot of those really expensive clicks in order to get a conversion but if your bidding at a fraction of the rate your going to get a lot more traffic.

Building lower to median income type apartments the rents per door just do not make it feasible in most cases for new properties.It can be faster and cheaper per sq ft to update and turn an older existing building to improve rents for lower to middle income type renter properties.