Your DD period will allow you to verify some of that information, like cross checking the leases that you will now have access to with the rent roll provided to you prior to LOI submission.

The MLS has a lot of deals on it and you have access to some good people.

The cost of living is lower.

So all of a sudden you have a decline in collected rents, your cash-flow sails out the window, you're paying 18% on credit card debt, and with lower equity you literally can't afford to sell the property because you can't afford the debt payoff and the realtor commission, closing costs, etc.  

I also work in different parts of town, so we're interested in something very central, hopefully in a decent (or very soon to be decent) neighborhood with good/quick access to different parts of the city.

Javier, I would say the 70% Rule is mostly used in areas with lower property values.

Prices are lower and towns can be easier to work with. 

Option one is to purchase the home with non paying tenant remaining after COE for a lower price.

No buyers.2.  6 months go by, the bank lowers the price to 139K.  

My best clients always know the value of the houses even when I offer lower the offer.