Whether I purchase it cash or with conventional financing, the banks only want to lend/refinance up to a specific LTV (usually 70-75%) on the purchase price EVEN if I buy the property at a significant discount (e.g. 50% of its current market value).In the past I've always struggled with this same issue, and thus eventually I end up tying all my capital in properties and I'm unable to purchase more (even hard money lenders want you to put some skin in the game).

Are there any specific questions I can help with? 

Have you and your husband set specific goals as to what kind of MFR properties you would like to buy?

The property was a "niche" property- high end and gorgeous, but needed a pretty specific type of buyer. 

The best person to ask for your specific situation is a CPA who specializes in real estate.

It's just a matter of what are you specifically looking to do.

There are lots of quantitative metrics ("mainstream" as you say) to observe here (P/E for the S&P - see chart below, margin levels, ratio of total market cap to GDP, etc), & anyone with access to google can see the same numbers.

It looks like it was purchased for $42K which is at the very top end for houses in that specific area.

What specific info are you looking for?

I am specifically interested in flipping houses then eventually use my money to purchase rental properties later on.