If it was, we would be re-negotiating with the seller for a lower price which he may or may not accept.

I assume 55% total expenses but my actuals have been much lower.

Just something to keep in mind regarding timing your visits....might want to get there before Fall, lest you get caught in a long escrow and then might have to wait until Spring to find tenants at the optimal rent.While I am in agreement with you that the winter we see a much lower tenant demand I don't see something as small as a slightly longer vacancy period as relevant to making an investment this large.In the grand scheme of an investor's time buying & holding an investment property what time of the month they purchased it 1 time is less than a drop in the bucket.

If so then you can get in with a lower down payment?  

The landlord has been charging  approximately a much lower rent than that of comparable properties in the area.

In C areas, prices even lower and rents almost the same. 

The advantages - I keep my rents a little lower than market so my residents don't want to leave. 

With the BRRRR route, we will have to start slow and go with one house at a time (if we consider lower priced homes) to build our portfolio.

Also, find out if the property is grandfathered in for any lower rates in NFIP. 

The only other option was buying ourselves a lower interest rate to satisfy the self-sufficiency clause.