Hey Marcus welcome to the community, I work in the Kansas City area and could provide some value to your investing journey.

Another way to say is that what is the value of the property (today) compared to what is owed on the loan?

There are several myths that we have to debunk before someone truly believes they can do it.You need millions of dollars to do a dealThat it’s too complicated to figure outThat permitting takes yearsIn those communities developments cost way less (think a couple hundred thousand along with a loan from a regional bank), permitting is not difficult (much less red tape), and the towns are small enough that both the city staff and the local architects and engineers and contractors all work with you to help you navigate the process since you’re all invested in making your community better.Note: The big boys can play in the primary & secondary markets.

  $190k all-in ($131,250 30 year loan, $43,750 DP and $15k in renovations). 

I'd need the interest rate to be roughly 5% to breakeven on an interest-only loan, and was considering a balloon payment in 5-7 years.

Then the inspector will provide a pass or a list of items that you need to repair.7. the inspector will decide what the rental rate will be for your unit. 

Researching local job markets, schools, and even infrastructure projects can provide insight into potential appreciation and cash flow.You might want to explore markets in the Midwest or South, which often have lower entry points and better cash flow potential compared to California.

I wonder if your local MLS provider has a list of MLS_only brokers in their system?

You need two years of steady income before you can qualify for a loan.

If the electronic lock fails, you provide the tenant with the code so they can access the key.