Obviously being a little sarcastic, but you aren't leaving much room to work with.

Most obvious one for you would be the Eastern MA REIA that is in Taunton.  

So obviously, I can't say "whee!

The neighbor obviously has no proof.

Since you asked if you should change your approach, and you're obviously able to evaluate and analyze a potential deal, consider adding off-market deals to your acquisition strategy. 

On $120,000 @ 70% LTV for an investment property I can finance $84,000 (unless someone can point me to a lender that will do 80% LTV for a 30-year fixed rate cash-out refi on an investment property).Therefore;Investment: $73,341.45 + $25,000 - $84,000 = $14,341.45Income: $1650 x 12 = $19,800Expenses: $6,891Mortgage: $84,000 @ 4.875% = $444.53 / mo = $5334.36 / yearCash flow: $19,800 - $6,891 - $5334.36 = $7574.65ROI = Cash flow / Investment = $7574.65 / $14,341.45 = 52.81%Now obviously this might change depending upon what happens, but I feel I've given myself a comfortable cushion to make "newbie" mistakes on this deal.

If they disclose how they are getting their compensation (and they're bound to be- it would become obvious at the closing I'd think), and the buyer is getting a property at a price they are happy with, then all is fine. 

Obviously that is going to depend upon the PITI and what the rental comps in the area look like, but if it's good enough even if the renter can't cover the back payments it could still be worth it to pay it current and then recoup that money on the cashflow.Good luck with it. 

I'd assume that banks would still want the highest and best offer they can get, but they're obviously not getting this when these agents are double-ending and pocket listing deals.  

Obviously a great rental market in Norman!!