No reason to over complicate what should be a simple low cost deal.

Regardless if they are a Doctor, college student or a low income housing tenant.  

It is one of the best regions to invest in buy-and-hold due to it's low acquisition costs and relatively high rents (large University and housing shortage). 

And when you start looking and low-dollar properties you can have small dollar amounts making a big shift in cash-on-cash returns.Just for easy math (ignore impracticalities): $70K purchase price means $17,500 down.So you need $1,750 in cash-flow to make your 10% goal.If you get $1,500 it's an 8.5% cash-on-cash return.

Rent and season for 6 months, then cash out refi.

I saw that some people had extremely low cost basis on something that was worth a significant amount.

This is a great season to pick up properties for your goals.  

I am currently screening tenants for my rental apartment, a few of them have good credit score (above 700) but their credit history is only 0.5-1 year old.  Can this be a good enough reason to deny their application?  

The last guy offered to do this for the low fee of only $12,000.

Another thing to consider is that NOLA had quite a few areas that were filled with low value housing.