As the iPhone 5S release date nears, so too does that of the supposed low-cost iPhone. Leaked photos and a price tag add more validation to the rumors surrounding both devices, but as for what we know for sure, Apple is gearing up for a commercial launch of two handsets sometime this fall. Analysts are pegging the release for September but until Apple makes a confirmation, we’ll be sitting in the dark.

Hong Kong-based tabloid Apple Daily (Google Translated) claims to have gotten their hands on the above leaked photo which aligns with speculation of a low-cost iPhone encased in the users’ choice of a spectrum of fluorescent colors made from plastic material. As for the all-important price, the low-cost iPhone may not be so low-cost at all.

The same source slaps the budget device with a $349 price tag worth 16GB of internal storage, $449 for 32GB of storage, and $559 for 64GB. To put it in perspective, a 16GB iPhone 5 carried by either AT&T, Sprint, or Verizon goes for just $199 with a two year contract from Apple’s website.

This is the first time we’ve heard anything in terms of specs, no matter how raw, and price, no matter how unofficial, concerning the alleged affordable device by Apple.

As for the iPhone 5S, just as little information has been disclosed as the low-cost version. However, today Phones Review seems to think the specs they’ve uncovered are the legitimate. Though Phones Review pulled its low-cost information from Apple Daily, they fail to make mention of where they’re iPhone 5S details leaked from causing me to raise a cautionary eyebrow. Apple is infamous for keeping specific tech details tightly under wraps, though admittedly Phones Review information is intriguing.

Per the smartphone review blog, the iPhone 5S may “include a 4-inch IGZO display with resolution of 1136 x 640 and 326 ppi, 2GB of RAM, and a 12-megapixel rear camera… the CPU could be the same as the one used on the current iPhone, although graphics could be upgraded. Other recent rumors for the iPhone 5S include 4G LTE-A and also a fingerprint sensor.”

Apple has already been awarded a patent for the fingerprint sensor so it’s more likely than not to be included in the handset. It seems that with Nokia upping the ante in the photo technology game with its 41-megapixel Lumia 1020 set to be released on Thursday, an improved 12-megapixel rear shooter on the iPhone 5S is also likely. As for the 2GB of memory, Apple traditionally outfits its flagships with 1GB so an increase in RAM would increase multitasking abilities and seamless transitioning, something the Cupertino-based company heralded back at WWDC.

Stay tuned to BostInno for the latest iPhone rumors as more are likely to surface as we creep further towards the fall launch date.