My essential point was when you are dealing with a conveyance with no warranties, which we are here as well as in the non-judicial (or quasi) foreclosure framework, that requires you to do your due diligence up front... all of it... and also to factor the unknown into your bid. 

Compare the size and condition of the unit that sold three weeks ago (hopefully the photos are online from the MLS listing) to the unit you're looking at.If the unit from three weeks ago is fully-renovated, looks great and is nicer than the one you're looking at then factor that in. 

Focusing on solid wedge deals and solid tenants are going to be your most important factors to consider in your searches right now.

From the bank's perspective, if they reclaim the property, they get 100% so they are more inclined to complete the loan.This being said, consider commercial properties or 5+ multifamily where the NOI or income of the property is one of the key factors for banks issuing commercial loans.

@Fletcher ClardyYou forgot the most important factor in buying a note and that's the current Market value of the collateral on secured notes.

PITI plus utilities only account for a portion of the expenses/reserves that should be factored into a deal.

This is a good one to get started >> Nearing 1,000 College Student Tenants: Here's what I've Learned | page 4For a college rental, you will experience above average turnover costs - factor that in the deal. 

Factor those repairs into your purchase price.4.

What factored into your decision to go with a 15year fixed instead of a 30yr?

Factor in holding costs and have a back-up plan just in case.