The mortgage, taxes and insurances are barely be covering by their rent. 

Telling him what the least amount he's willing to take sounds like trying to do the bare minimum.

And this was advertised as a M2M room with utilities included and they'd have the whole house to themselves since I'd barely be there.

Name, mailing address, email address, and a cell phone number for texts are the bare minimum.

For the most part an LOI, although not legally binding, is a solid indicator that your deal will close baring unforeseen issues

I have some upgrades that I know on the market would produce greater than 50% return but in the appraisal it was less than or barely the 50%. 

I can sell and barely break even or perhaps lose a little on the deal and be grateful for the experience or rent with the hope of long-term appreciation but it doesn't come close to cash flowing.

Was hoping to get some ball park numbers people have been seeing for themselves on their own investments or what mortgage brokers are considering as the bare minimum for approval requirements in todays economy.

And the rest can barely be financed and require extensive remodels.

Don't.I, and a lot of other investors here, bought when interest rates were 18% and we had jobs that were barely making ends meet.