I used to have 15+ units here, have been selling them off and going into a different niche.

Look to invest in other marketsTexas market has a 4plex that rents $1,100 per unit listed for $549KDuplex close to TCU that rents for $1400 per side and sold for $300KProperty with a main house & back house that is listed for $299K total rents are $2,755 ( my listing)If you are serious about RE investing I would look else where if those are the ROI you are getting

We weren't thrilled as the unit won't pass easily the section 8 inspections in the current condition, and it's also extra work for us. 

Hi Heather, Your lending options can vary greatly depending on what type of property you are looking at. 1-4 units, 5-10, and beyond will have different types of lenders and more importantly different loan options. 1-4 you will have the options of FHA/local banks/conventional.

Maybe determine a cash-on-cash figure that aligns with your comfort level.

30 year fixed, low interest rate DSCR BLANKET loans (put multiple 1-4 unit properties under one loan for cash out or for purchase).Ground Up Construction loans for aspiring developers with NO Experience100% Financing on Fix and Flips (just pay closing costs and prepaid taxes/insurance)Fix and Flip financing that requires no appraisalHELOCS on investment propertiesBuilder's Forwards (for medium to larger developers who want to hedge interest rates on their properties they plan to sell so they can offer "low builders rates").DSCR loans for long term AND short term rentals (I think this is becoming more and more common, but some people have still never heard of this).And so much more!  

As a new investor, my approval with Veterans United didn't work to buy a multifamily property. 

rent by the room, rent by the unit (small MF), rent out an ADU, etc.If you plan on renting by the room, then maybe more square footage and potential rooms to rent.If it is small multi-family, then you can look at similar size rentals to see what their market rates are or use programs like Rentometer.com or BP rental rate calculator. 

Please keep in mind the 3x rent is probably in reference to smaller 1 bed to 2 bed units.

Is this a 1-4 unit property?