I'd suggest checking local Airbnb/VRBO data or using AirDNA to see occupancy rates and average nightly rates in the area.

Especially if you have a local handyman you can trust to take care of the property.

Ensure the sublease is explicitly permitted in a written agreement with your friend and aligns with local STR laws.

The most sure path for local RE investors seems to be with a near term exit. 

I completed an internship in commercial real estate, and I also attended a couple of local REIA meetings/networking events before moving to Northern VA.I was able to narrow down potential strategies, and I figured both BRRR as well as wholesaling don't seem to be the best strategies for me.

Locals know that and you can see that in DOM. 

With those numbers, have you checked with a local bank or credit union?

If you are searching for offmarket, you can network with local wholesalers, and also use something like dealmachine to generate leads.

Found this property through our local online foreclosure auction site.

I recommend reviewing your local laws to understand the requirements involved.