Real estate prices in Texas crazy cheap?

[Jonathan Whatley]

Fannie Mae/FHA rules are that if there 50% rentals then the condo/townhouse doesn't quality for a loan.  

There are hundreds of listings in the Houton area.  What percentage of those listing are you claiming don't qualify for Fannie Mae/FHA loans?

I don't know. OP's premise is that this listing seems unusually low in price for a condo in Houston.

Reasonable explanations include that it's non-warrantable, and that it's been listed lower than the seller's true reserve price to encourage a bidding war or similar.

There could be another explanation, or the premise could be mistaken: maybe this isn't unusually low in price for a condo in Houston. What do you think explains the observation?