Due to low owner occupancy ratio, I understand this will be a non-warrantable loan.

Inventory is low and demand it high! 

But it’s hard for a “rule” to account for Texas property taxes, snow removal in Buffalo, owner-paid utilities vs. 100% separate metering, etc.Additionally, it falls down at low or high rent levels.

However, the prices are very mature, foreclosure inventory is very low, and investor competition remains very high.

Question though:When it comes to low-rent low-value properties, my experience has been that the maintenance and cap ex numbers end up being much higher because the cost of a furnace isn't that different from market to market.

You can order them online or pick one up in some Lowes stores.

Especially since they are performing first position notes with low LTV. 

.$1000 rent for a 85k home seems very low though.

Also, consider that you have 30-year financing locked at historically low rates, and the money you're using to pay down that loan might be better invested elsewhere.   

Yes, they drew me in with a very low APR and points, but the process to prepare for underwriting has been daunting to say the least.