She claims to have direct access to a 100% LTV Bond Funding source.

Houstonian have access to money, most of us have a great jobs.  

Prices seem to be stagnant or perhaps slightly lower than a year ago? 

I had a seller this year in a multiple offer situation reject a higher VA loan offer in favor of a lower, but otherwise very similar, conventional loan offer due to a very minor worry that the property wouldn't meet the VA minimum property standards.

Separate access?

Maybe getting a high deductible or lower coverage may get the quote lower. 

Find a multi-family in an area turning around or going strong and it's worth 10 times the sfr.Sure you can possibly get good cashflow on a lower end multi in a bad area but you have to consider your exit.Don't let the fact that we're in a tight market force you into a property you will regret in the future.  

You're selling for $45K so your gain will be around $17600 (you may have some costs of closing that lower that figure).In order to do a 1031 you must purchase at least as much as you sell or pay tax on the difference.  

The location is great, and it is tucked away nearby a main strip, so easy access to gyms, restaurants, movies etc..  

Thanks, I wasn't aware of the lower down payments and interest rates.