:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

On a 400k loan thats 20Gs I mean depends on the score, DSCR, and loan to value. and even then it is hard and requires 5%, 5 year PPP. 

In my (one time) experience with section 8 I put my emphasis on my perception of the applicant's personality, work ethic and credit score.

What's the lowest credit score you will allow?

Down payment, credit score, and pre-payment penalty (on DSCR loans)  effect the interest rate and the cost of the loan a great deal.

The borrower was overqualified and based on compensating factors we presented a local credit union financed it with 25% down in 30 days.

Both options are Credit Unions - no points, no origination fee1.

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

Kevin, I can help steer you into the right path if you can share your credit score and your capital situation.Hard to advise someone without knowing what tools they have to start with, and sometimes getting ready for deal 1 is what is needed to work on.Welcome!