(Not being a vet I’m not sure of the interest rate difference but know that the 3.5% down FHA is often worse than a conventional 5% down.).

Take action, but make sure it’s strategic, profitable, and repeatable.

You need to make sure these sites have good ingress and egress as well.  

And even I would run my numbers at 60k to be sure.

Anything in particular I need to make sure I have covered?

It looks good) I stumbled across someone locally who does it, but I'm sure you could find someone there if you or other out-of-town investors like the idea of paying a bit more for that level of security and obtain a remote monitoring source of the exterior of the properties.

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.

Make sure to factor in insurance (slight change as rental), property tax (in our market is 2x a primary res), vacancy (3-5% in most markets), capex (old roof?)

Pertaining to air rights and laws we do not develop in this nature so not sure I can be any help here.

To get a rough ballpark, sure, but sometimes you'll be way, way off like we've seen with the iBuyers who it turns out were too smart for their own good and ended up buying high and selling low due to to relying on data and not actual organic, boots on the ground experience pulling accurate comps like an appraiser or realtor who knows the market on not just a block by block or street by street but a house by house level.