It is my belief your current situation is not a bad position (it is a goid position that will improve with time).  

And my #1 issue is I don't see any actions to address this in a meaningful, market specific manner. 

One more thing, especially for people who don't meet my criteria, besides more deposit is required, I also do a interview with them, not interrogation style, more like a friendly conversation to figure out their situation.

He has reached out and we are working through issues caused by the COVID situation.

You should see more deals and price reductions as we roll over into 2025 as well.If you need any help or have specific questions feel free to reach out or send me an email. 

@Michael Plaks comments in this recent post on making sure the person you hire understands real estate sounds really relevant to your situation.  

I cannot assist w/ the acquisition of the property but do have an FHA product that is specific for home improvements.

The city of Cairo and Alexander County as a whole are in a very depressed economic situation.

In general, what sources and heuristics do you use to determine if an area can support new construction in general, and in specific in GNO?

There's a specific forum for House Hacking.You'll want to spend some time reading through there as it's a common topic.