You should have a MAO to this deal.

Quote from @Andy Sabisch: Will it help you sell more or get more money? 

The way I interpret the following policy clause is that so long as the property is defined as other than "VACANT" which is the case when the property is being "constructed, altered or repaired", the 30-day time period and vacant status does not apply in this instance: We do not insure any loss at your premises if your dwelling has been vacant for more than 30 consecutive days immediately before the loss and the declaration page indicates an occupancy other than “VACANT“.

Visit RestoreFMB.com for practical resources and tools that can be replicated in other communities to help LA through this process.No one rebuilds alone.

Does this approach seem reasonable, or am I undervaluing the property?

I'll get back to you when I decide whether or not I want to go that route for this home.  

They do this on purpose so new people get tripped up in the process and quit.

One, you might want to consider Seller Financing (in Michigan, we call it a Land Contract) which can allow you to buy property while using the Seller as Banker; not all Sellers are open to this, but it can be beneficial to both the Buyer and Seller.

Materials will be about the same, but labor may vary greatly on location.

Price : $100,000,  4126 Laverne St, Oklahoma City, OK 73135, seems like good condition throughout.  3Bed/1Bath750sqftSchools are mostly 2/10Average rent for the zipcode is $950What do you guys think about this deal?