Luckily for me, my Dad lives nearby and checked on the property (he has a key).

I suspect Zillow or Redfin would list if a property is more than one unit but I doubt there are many nearby Multi unit sales.

Near by comps are high 260s to 280s 

Check out the nearby members and network https://www.biggerpockets.com/meet, it will help you a lot to find partners that can help you out in investing.

So looking around at listings, it seems that there are a few fixer-uppers listed in nearby Hammond, IN under $50k. 

I've spoken to a few people who live in and nearby the town - all of them say it used to be bad but hasn't flooded in years, and the water level doesn't rise as much as it used to when it does rain.

Unfortunately just this morning the news showed a shooting nearby where SWAT was called in.   

Luckily I had $40,000 factored in to my numbers before purchasing (based on a couple of estimates)...and after purchase was able to find a contractor at the end of the season that was hungry and working another job nearby. 

Compare notes and do what you can to find sold prices near by ie comps for arvs but basically keep looking at deals until you know a good deal when you see it

The idea behind this reserve is that you should be saving for it anyway, and potential lenders will see that you are sitting on a stockpile of cash not needed for a down payment.