The other unknown is what kind of LTVs are we talking here? 

I am not sure what other states are doing with their COVID money and there is the unknown of future federal funds or bail outs.

This information is more unknown to most. 

Good tenants do go bad even with all the screening, so have some funds set aside to tackle the unknown, and you can live to see another tenant.Know what the landlord tenant laws are in your state.

There are too many unknowns and info left off the table as far as your facts and circumstances go -- and we haven't even considered your goals yet.  

I feel market rent for that property is closer to $900-1000 per side per month, depending on interior condition which is unknown until offer and proof of funds to show ($1000-1050 per month would require it to be in nice cosmetic rehab condition).  

Renovations can be higher risk because of the "unknown" once you tear things apart.

The costs of flooring, roofs, siding, HVAC, etc, are pretty much unknown to me.

I think limited factor or unknown is water.. but who knows.. 

But that is a lot more unknowns, heloc rate, stock market performance, tenants, etc. would all be variables difficult to control at once. no specific timeline, but within the next year sounds reasonable.