Another item to think about on this when getting into flipping or rentals in smaller communities is the vendors or contractors that are in the area.

Purchase price: $35,000 Cash invested: $15,000 Sale price: $80,000 3/2 SFR with shop sold in 2021.

There are homes that sold in my area with converted garages into "master bedrooms with a sink" (that's what people here did before the legalization of ADUs) that sold for about 40k more due to the added square footage in the home.

To help expedite the rental unit approval/inspection, you can also talk with your local housing provider that runs the Sec 8 program what basic items they look for and make sure you have those covered. 

You've given me some solid pointers/items to take into consideration for future deal analysis, so thank you for that.

You cannot just pretend that you sold it.

The properties are often flawed and no well-suited for a family to live there long term (lot's of bedrooms, but tiny living room, no yard, no garage etc), that's why they sold for a discount an get used as STR.

I have sold all but one of my personal investment properties and decided to invest with others in passive deals with sponsors of larger apartment complex's, trailer parks and others.

Usually that means that they have hard assets that can be liened and potentially sold to pay off the debt.

Evaluate the depreciation of each item separately.