The cost would be about 500k about $250k cheaper than it would be to buy another duplex property in my area.

You can usually get a lender to go 85% of cost or 70% of the As Completed Value for such a project.

Idaho, Montana, east Oregon, and Nevada are all places we could potentially go.

If I had the business headquartered at some commercial or industrial space, I could deduct the entire cost of the space. 

Never invest in any city on this list of the 50 most dangerous US cities.Low operating costs: High operating costs are one of the driving factors for many companies, leaving states with high taxes, regulations, and other costs.

Let's say at 6% over 30Yrs will be about $960 per month(Principle/Interest) with the remaining  interest only portion $40K costing roughly $200 per month. $1500- $960 + $200 IS $340Cash in your pocket after everything roughly $1500-$1160-$340 which is not bad for a 100% financed deal(INFINITE RETURNS)Now, If you ran this analysis on a 1% deal as @Nicholas L. mentioned you will undoubtably end up in the red each month.All the best!!!

The biggest factors, from what I can tell, are age and rebuild cost. 

My mortgage will be $2,005/month, and I’m budgeting up to $600/month for utilities, leaving a potential monthly cash flow of $995.I also set up an LLC and a business account to track rental income and expenses.Questions:Do you have any advice for me as a young real estate investor?

About the same as if you rent it, less costs.

Having lived in IN for 8 years before moving to Austin TX, I believe this city offers great opportunity now and much potential.