The equation shouldn't be PP = Market Price - cost to repair foundation, it should be PP = Market Price - cost to repair - discount for taking on the risk.

Rented at $3,215 to a Section 8 Long-Term Tenant instead of a Long-Term Market Tenants for $2,400.

This is more common in today's market and often allows the seller to get a higher sale price than if you were to go through a bank/SBA loan.

Think about your market and what people are willing to pay a premium for.

Mine have appreciated off of the charts in the Charlotte metro market.

Get familiar with price points in your market and what looks like a good deal. 

I plan to manage the properties myself until it conflicts with my regular job.I would appreciate any advice on these markets to ensure success and connect with local investors.    

I would choose the strategy that best fits your strengths (unfair advantages) and what the market in your area demands.

Quote from @Francisco Milan: These really do not do much these days for people finding most of the listing online; however, you need to be sure that you put one out because any lead is a lead to put in your database to market to. 

I.E. you know the area better than others.Is there a short-term rental market where you vacation at, where you went to college or where you grew up in?