Incredibly difficult to work with HomeHQ. 

The cap rate will stay at 12.4% with our cash on cash increasing from 22.6% to 34.7%.

So, calculate the current cap rate based upon the rents you would be getting and then see what your cash on cash return would be with your current loan. 

I have several clients looking for the same thing - and they are more difficult to find - but a good realtor with access to the MLS is what you need on your team. 

In this market it has been excruciatingly difficult to come anywhere close to a deal that would meet the 1% rule.

I am also concerned about the 10k cap on state and local taxes (property taxes are well north of that in my area).

The key part that I was unaware of are the overall rent caps, which obviously are well, well, well below market rents for the area (it's actually in Mtn Brook, but same applies for Homewood). 

Low income housing is difficult. 

Please be aware that separate Baltimore County law prohibits more than two unrelated adults from living together unless the unit is authorized by the county as a rooming or boarding house.I thought the rule was the you can have more than two unrelated adults if you just register your house as a rental unit.Do you have any details on how difficult it would be to get a house authorized as a rooming/boarding house for college students or is it pretty much impossible to do?

You can check it against cap rates and per unit prices.