If I can't hit the 1% rule on a real estate deal then it's not worth my time given my experience and options in the equities markets.

Its only bene on the market for less than a week. 

So seller did have a marketable title.

My problem is that I have been looking in my hometown because I thought I wanted my first property to be close by to make it easier at first, but I am thinking I need to look in other markets.

Real estate is not the stock market and it's called buy & hold and not buy & sell for a reason.I did sell a few properties about 10 years ago when I learned the hard way that going into cheaper neighborhoods was not the right strategy for me, so that was basically a strategy correction and it was necessary, but also costly both in terms of dollars and time.

That is the best option if you are truly trying to help a family member.you cannot get control of the mortgage, you can do sub2 but you are not in control, the bank could call it due if they see the property transfers title.The other way is for you to buy it from them at market rate, then rent it back to them at market rate.

That expertise is crucial to getting your house market-ready.

Study the market.

do you know anything about the market? 

Given your firsthand experience with the Alabama market, particularly with septic-specific considerations, your insights would undoubtedly provide a more accurate perspective on the operational and maintenance costs affecting this asset.Even with the available information, there are still substantial assumptions and speculative elements that must be integrated into the current and pro forma financial analyses to provide a meaningful valuation.