Interestingly, the records do include the downstairs space as part of the livable square footage.

I went on Zillow and found this 1900 square foot house with 2 bed, 1 bath and a nice floorplan in the listing.

At the submitted square footage you provided, that $2M seems wildly out of whack.

I was told by some agent to insurance more than the purchased price, while others say that it is enough to cover only roughly $75 * square footage.

Also I would talk with those that install systems they usually have a good feel for areas and maybe will do an onsite inspection.for me if just vacant land and all i need to do is dig a 3 foot hole to get soil samples I am going to just do that. 

Once that is squared away you'll have more experience to explore investment property. 

(For example, they have the square footage, lot size, or # of rooms incorrect.)10) The value of the property just simply isn't worth what you would have to pay for it.

Many newer investors have to start somewhere and older more-beat-up homes are cheaper and can help someone get their foot in the door.As for appreciation, this too is location dependent.

Just a case in point, the tiny apartment I live in (800 square feet) the mortgage payment is about 4000 per month, and the typical rent for such a place would probably be somewhere between 1500 to 2000 per month.

I used a hard money loan for the bulk of it because, let’s be real, no bank was touching this place with a ten-foot pole.