My main hesitation is that it is in a lower-income area.

He said he'd do the work himself or something and will sell next year.Whatever, I'll be waiting next year with a lower offer.Edit: I just reread my last post, jeez it's been 3 months already, I was hopeful he'd do the repaira but he hasnt... roof still leaking... yea good luck pal lol

I can find information on rent prices in the overarching Richmond market, but nothing specific to that sub-market, which i'm pretty rents lower.

With PMI, you would need higher rent to cover the additional PITI payment so if you need 2% to cash flow without PMI, you would want to raise, not lower, your rent to purchase ratio.

Please note: I own lower end rentals so I don’t get the same complaints I get on the higher end properties I reluctantly manage.

So, I might be assuming a lower rent number than is reality. 

Traditional HARP loans were for GSE loans originated prior to May, 2009 and Fannie/Freddie loans were subject to conforming limits so, it wasn't a HARP loan if there was a refi in 2017 and for that amount although, if the loan balance was ten times lower?

I was going to go in with a lower cash offer with no contingencies because of how long its been on the market, and the repairs/updates needed. 

Right now the only way I can see positive cash flow is by lowering the purchase price by almost $20k, which is plausible considering there are a few repairs that we can request. 

Offer accepted on my first deal (triplex) and inspection pending (WA State).During my initial walk-through, I met a couple who seemed to be more than knowledgeable about the property, possessed keys to storage areas (possibly other units too), had special parking spaces, and stated that they take care of the things around the place including the large yard in exchange for lower rent.