Meaning you rent out some of the rooms or apartments and essentially live for free while investing the delta.

Purchase price: $417,092 Cash invested: $14,600 Oct. 2021 Update #2: A tenant has been secured for room 2.

Most houses in that area of a similar square footage, room number, etc are at least 180k.Are there specific things to look out for that would justify a price like that, or is it just a great deal?

It can be something you move out of or rent rooms out to.

Id get either a multifamily or a 3+ br rowhouse in Fells Point, Canton, Federall Hill and rent out the rooms. 

Commercial is a heavy lift in the application stage but once the deal is underwritten, you're done, no last minute surprises because you bought a new living room set on a new credit card or made a college tuition payment :)  Also, terms can be negotiated and very favorable (extend the years or reduce the down payment for a slightly higher rate and if the numbers still work...hooray!).

Purchase price: $729,000 Cash invested: $250,000 Sale price: $1,550,000 We performed the following renovations prior to selling the house:-Converted an open dining room into a 4th bedroom creating 2 closets and french doors-Renovated the kitchen and master bathroom including moving water lines and venting-Installed a beam creating an open archway-Covered the fireplace and installed custom cabinets in the living room-Built a patio with pavers and a pergola-Removed concrete patio and installed sod-Installed can lighting -Carpentry -Paint

Grow hops or a specialty varietal and have a tasting room for those that use that hop or varietal. 

There is a small laundry room on property.

That may mean that you have to drop your price point to leave room in your budget.