You should absolutely get a new lease signed.

There are plenty of opportunities at low or no cost to meet local R/E Investors.

Is $550 market rent are is that low for the area as well?

If you work on a power listing team then you might get some listings.If you choose to work with investors on SFR the price point is very low in most markets under 100k a house.

Are there any loans similar to FHA where it is low money down for purchasing a rental property?

Low rents give tenants an incentive to stay long term.  

Funneling all the extra cash that you would have, even assuming there are absolutely no other expenses that aren't accounted for, you won't be able to pay off $100,000 loan in 2 years.

Maybe look at the low profile pattern goods with a thin , dense cushion, no thicker that 3/8" no less than 8 # density.

You are absolutely correct that it will be beneficial to some, especially those who aren't terrified of this lead business ( That old saying, The more you know, the more you grow)!

I know the population has been decreasing for a while, but what's going in Wilkes-Barre that's leading to such high cap rates (i.e. sellers willing to sell their properties for really low amounts?)