Document the condition thoroughly for future reference and estimates.If the property is of interest, it’s crucial to have professionals assess potential structural damage, electrical issues, or mold remediation costs.

No mortgage would help me weather a storm if a bad renter or economic collapse set in  

These types of offers can sometimes offend a seller if they actually have a really good idea of what their property is worth in as-is condition.

When rehab is done and the project is market-ready, you can either sell it or hold/refinance with long-term DSCR financing based on the market rental income on the post-rehab condition.

These properties are typically bought by individuals or families who prioritize location, size, and condition, making the comparable sales method more reliable.Income potential still matters, and calculating the NOI can help you ensure the property cash flows well if you plan to rent it out.

Are there other factors you might need to consider such as major airports, weather, culture, outdoor recreation etc...

Won't apply for everyone, but for those that are military and looking to turn your primary residence into a rental when you leave, you can keep the 4% assessment under certain conditions (remain on active duty and I believe it's limited to 1 property unless you advertise it for sale within 30 days of a purchase of a new house).  

@Andrew GheenTo invest in real estate in Indianapolis, focus on moderately priced properties, network with local contractors, and understand market conditions.

See what $ homes are selling for and in what area, condition, style etc.

I dont even read them.. it comes down to condition of house and price  full stop.. if your market is slow or slower like it sounds the best conditioned best price house will sell. if the house is not the best and price is not the best it will sit..