The price is very low How did you find this deal and how did you negotiate it?

If either of that is not valid then the lender can't go forward with the loan.If either of that is value then with is going to be difficult to secure Fannie financing with low down payment.

We could take an owner's draw from the business, but we don't need to since we are both gainfully employed in other professions.

I had a 40 acre orchard in Santa Barbara sold 20 years ago but I've checked and the retired rock star who purchased it has had it on and off the market at incredibly low figures - check 1500 farren rd Goleta ca93117 could make an off Market /private agreement if you'Rare super motivated .

A pure luck play from a Craigslist Ad resulted in my very low offer being accepted.

@Stephen Neto Drug use, tenants moving people in and out, paying rent when they feel like it, etc.. are all hallmarks of owning rentals in low income areas.

Expenses look a little low, especially considering the high property taxes in TX.

The annual taxes seem low. 

Has solid income and employment.3.

Low taxes and insurance.