It's certainly going to have its unique characteristics. 

We thought of a few contingencies, it would be great to get anyone's feedback if possible as to what we should add since this purchase has unusual characteristics.

.$50k isn't going to get you very far...you're going to land on a Midwest metro area with limited funds...and the only right answer is what you are most comfortable with...all the major Midwest cities are going to have some similar characteristics...and all of them will have deals. 

I was wondering if anyone could offer any advice on how you are running these numbers and key characteristics you're looking for when calculating the potential cash flow?

You need to find off-market deals.One tactic that works is to send out direct mail to people who share the characteristics of motivated sellers.

Constructive notice can be inferred in various ways including from the “characteristics of the dangerous condition giving rise to the slip and fall . . . or from eyewitness testimony . . .

Especially today when cash buyers with fast closing are even more attractive to some sellers.You still need to search for those market characteristics in my opinion:1.

Is it considered as having characteristics of bond?

@Ned Carey What characteristics of a property do you feel give you higher odds you may be able to acquire them?

It is critical to only buy properties that attract the tenant pool you need for a dependable income.Tenant PoolA dependable passive income depends on your property being continuously occupied by a tenant who:Pays all the rent on scheduleStays employed in good times or badTakes care of the property, andstays for many years.Only a narrow segment of the entire tenant pool spectrum will have a high concentration of tenants with the above characteristics.