There may be other states in central or the eastern US I know nothing about. 

The reported rental history for this one was around $29K per year for the past three year.

Talk to all city and county authorities about it, what they have on record about it and it's history (recorders, tax appraisers, planning/zoning, bldg permit dept, code enforcement, etc.).

We would like someone who has history in investing in rental properties, as well.  

Based off the areas history, (I would not only for hidden gem) unless you can pay down the debt substantially due to this area isn’t as stable as it would seem and the tenant quality seems to be sub par based off what my wife and I have seen/heard from those operating in the area. 

I’m looking at the transaction history on houses and these are popping up quite often .

What assumptions can i make based on the price history of a home?

What is their operating history?

I’ve been aggressively searching for my first deal and have made several offers on potentially good cash flowing homes (both multi family and sfr) in the Lehigh valley area of eastern PA.

@Michael VaughnThe collateral file and servicing comments should be a tell-tale sign as well as getting the FC docket history.