Do you have some consistent standard that is in your well-crafted lease?  

That's odd though because I reached out to two separate mortgage officers and they both told me the same thing; apparently I need to shop around a little more.I understand that this should sometimes be factored in as the cost to play but consistently after factoring in the water, PMI, lawn/snow potentially, etc., I just couldn't justify it in comparison to a conventional loan on a single family.

The maximum FMV is the GSI x GRM(Gross Rent Multiplier ~10).

OK to decline because your have a criteria in place for a certain multiplier of rents for income and they don't meet it.

Our Cash on cash returns aren't great until year 2-3 though, but our market is historically one of the most stable and rents consistantly rise.

I know a few investors who beat that clock and have become fabulously wealthy making consistent great plays or a few lucky ones.

I'd then multiply that number by 10 to get your devalued STARTING POINT.

Consider this scenario: you buy this place, and in the first two months the boiler breaks and needs to be replaced and one of the inherited tenants moves out, leaving behind a unit that can't be rented without new paint and new flooring in at least half of the space (may as well do the whole space so it's consistent throughout, right?).

The last one prevents us from discriminating on "source of income"; can't say no to Section 8 vouchers and now can only count the tenant portion with our multiplier for qualifying to rent.

Should I not mail these leads consistently and instead mail to new and more prospects?