Personally I will only rent yo someone with a government voucher in the very low end neighborhoods. 

Low property taxes in city.So many deals, so little time!

Now, I know the object is to keep expenses low and profit high, but could a few simple additions increase your bookings?

That seems extremely low to me.

Have any of you considered or do any of you put that money into a CD equal to the length of the lease so you can gain a significantly greater amount of interest on that money you will hold onto for the foreseeable future rather than letting it sit in a low yield savings account.

If it is really low, I would take a look at the aggregate cost of your debt once adding the HELOC.

We're finding plenty that allow for low down payment financing, including FHA.  

The term "material amendment" as used herein shall be defined to mean additions or amendments to provisions of these Bylaws which-establish, provide for govern, or regulate any of the following:  (a) voting; (b) assessments, assessment liens, or subordination of such liens; (c) reserves for maintenance, repair and replacement of Common Elements; (d) insurance or fidelity bonds; (e) rights to use of the Common Elements; (f) responsibility for maintenance repair of the several portions of the Property; (g) expansion or contraction of the Property, or the addition, annexation or withdrawal of property to or from the Property; (h) boundaries of any Unit; (i) the interests in the Common Elements:

If you had four of them, it would put you at $466.65/mo for water/sewerYou should also take into account lawn maintenance. 

We got low interest and had the money in 2 days.