It looks like we had near identical situations.

At the hearing, the panel will have their laptop with the MLS open, and will verify values of neighboring properties.

This sounds like your PM needs to be held accountable, for screening residents, verifying identity, payment informantion, etc.

You can have two houses that are identical according to the data on paper/ virtually, but millions of dollars apart in value for infinite reasons that you just can't know without being there (level of finishes, condition, smell, same builder or different, how the property will show to potential buyers, micro-location (same sub-division or different one across the street, one has awesome views while the other doesn't, one could be on a lake while the other isn't, one could be next to gas station or on a busy street, near train tracks, a smelly factory, backing to commercial or high density multifamily, one could have settling issues with the foundation because of expansive soils while the other doesn't etc. etc. etc.).

I would speak with local agents and PM companies down there to verify returns but I ythink you'd be good if it hit 10%+ return in Year 1. 

Should be able to get rid of bad debt this year, then I could do another one, but regardless on how you decide to move forward; find a good team first, then trust but verify everything, question their answers and demand proofs on ARV, rent amounts, any numbers.

They send snail mail to the property with a code to verify the properties existence.

This would explain the existing terms, verify current amounts owed, correct any lingering errors, etc.,  and define the new loan terms.

You should verify.

Verify that the inspector reported the roof issues and, if not, see if there are any remedies available to you.My $0.02 ...