Your agent should be able to direct you to an attorney who can provide advice on this as well as accurately describe the risks to both sides. 

Only the most desperate renters would probably agree to live there so the price of the property would have to be dirt cheap and cost you as little money as possible in the rehab to make it worth the effort.Your gambling that the surrounding area will be gentrified in the next few years and increase the property values.If this was in Southern California I would say yes absolutely but,the ATL may be a little harder to wait for unless the population booms there in the next 5 years.

How accurate is comparing properties by their price per sq foot?

As an investor you need to run comps and having access to MLS is the only way to get accurate comps.  

Although I haven't had the property appraised any other way so I'm not sure if that $51,000 is entirely accurate.

In this instance, assuming the numbers you presented are accurate, it seems like no brainer.

However,  nobody has accurately predicted when rate hikes would start and it keeps getting kicked down the road (who knows, we might be like Japan, which has kept low rates for well over a decade).

But there are alot of wholesalers that still need some experience to get more accurate assessments so make sure you run your own numbers.But anyway Richmond is a good town and deals can be found but it takes good work!

If your accountant is familiar with Xero then at year end they can also access so accurate tax planning can be done before the clock ticks away at year end.

Another option i would love to figure out how to export correctly is Google Maps Timeline, its extremely accurate.. i was comparing the data to my week of trying out MileIQ and it said i drove 22.6miles less in MileIQ for the week letting it log all my trips automatic compared to google timeline and google timeline is already running in the background if you have google maps activated with your gps setting turned on.. so it would be one less app to worry about draining battery on my phone.. gonna have to look into this more and see how hard it is to export the timeline to an actual spreadsheet...