I utilize Getting Things Done as my time management framework.

My understanding is that my agent only provides a standard contract and I should use it only as a framework.

And I would need significantly more details on the property before I can even offer a framework for how to analyze this deal.  

Other profit centers (mortgage paydown, appreciation which may be negative in your case, cash flow over the full life, and tax benefits) ... project them all out using long term average historic appreciation rates (CAGR over decades spanning multiple RE cycles, for both rents and prices) for that hood and compute IRR ... this will give you a much more complete and realistic picture of how the investment is most likely to perform.This is the analytical framework for how to assess the financials ... the important underlying question though is why are prices so depressed and not keeping up with inflation?

The best way to combine them all within a single analytical framework IMO is to project the financials out and calculate IRR.

Have some trepidation diving into a market where I don’t live, so any advice on setting up the best framework for out-of-state investing is welcome! 

That said, start with school zones as the framework rather than zips.  

So make sure of your due diligence.This process provides the framework for a product called a 1031 leasehold exchange similar to a reverse exchange except where you already own the land and want to do a 1031 and sell another piece of real estate to build on the land you already own.Dave

If you follow the guide you'll come out with a strategy and a business plan as a framework to achieve your goals.  

The basic framework is that I'm entering into an agreement for a split (60/40) of the profits.