If I did set out to invest in the local area, I would scrutinize the numbers like crazy and be extremely conservative with my estimates.

., 2bd/2ba single-family homes) consistently perform well.Building on this, you can also analyze current rental rates relative to nearby "for sale" comps to estimate ROI.

None wanted to give me at least an estimate without architectural drawings, which I guess is understandable.

If your estimated rent from a property pays off the Mortgage + Maintenance + Property Tax + Insurance.

I then ran a different ad and the cost was only 6 cents per contact. 3 cents higher than FB lowest estimate.

You are best off to raise the rent and give the tenant the option to stay.Also, I hear a lot on here that "rents should be", "the potential rents are"... make sure that you do your due diligence when calculating potential rents because most new owner OVER estimate them.

Based on the quality of this particular home, my rent estimate may be low.Note: you have to consider other factors.

If it was me...I'd check with zoning to find out how many dwelling units I could build, and I'd find what the requirements are for those units (type of house, height and setback restrictions, etc.).Then I'd find out what local builders think the cost to construct would be - just get a cost estimate per square foot for 2 or 3 different levels of finish.

That is roughly 9% rent price appreciation over the original rent estimates. 

If a variance is needed, they're estimating 3-6 months, up to a year potentially.