Does anyone know of a lender who will lend on an owner occupied rental and base qualifying off of property value, or another factor besides income or DTI?

Find someone desperate (who is motivated by time, emotion or other factors more than money)3.

does not mean this will also happen to you.So this is what you do.YOU need to do a cost/deal calculation for every method for lead generation you are considering for your market.Now you know how much money you need IF you were to do DMM, or IF you were to do bandit signs.Now this is DATA, so you are not gambling much here.Then factor in the effort it takes and the time it takes for a deal.Bandit signs may be almost free but it is illegal and a LOT of effort and work, and again risk for hefty fines.DMM simply is a bad idea... so figure out what is feasible and then you go for that!

Purchase Price: $400,000 with 5% downCurrent Market Value: $465,000 (selling directly to tenants will involve no agents)Current Rent: $3000/monthWith increased property taxes over the last 3 years, our monthly cash flow is down to only about $90/month factoring in vacancy and maintenance. 

Understandable...With Rentals, you get all your income "Tax free" through out the year, as the gov. doesn't touch it. ( example $1500 rent x 12 months, looks like you made 18k )   But then it's time to PROVE that you didn't really profit  18k.. subtract the obvious mortgage, and then factor in repairs, depreciation, and anything else you can do to chip away at this...So maybe your bank account is up $ 200 / month in cashflow.. but not after repairs.. maybe you only made $25... on paper :)

I find that is a real rarity in foreclosures, and in several hundred foreclosures, I had precisely two clients damage the property to any significant extent.I saw you received some advice about considering the environmental factors in your foreclosure resolution. 

I like that conventional loans let you factor in the estimated rent into your approval decision but starting out I can't afford 15% down payments.

Nope theres a ton of factors on a building like that 

A lot of factors to this question but what interest rates are you seeing now for non-owner occupies 30yr fixed rates?

There are many other qualifying factors that could impact you qualifying.