The home is an 1940's concrete structure elevated off ground by concrete blocks.  

You should explore those options as well if you have time.If the offer is accepted, see if the current owner has obtained an Elevation Certificate. 

@Aditya Maini It is a tough time to find good deals with prices quite elevated, but it can certainly be done.

Make the application fee non-refundable under any circumstances.I recommend an "elevator pitch" where you can quickly share your basic rental criteria within a few seconds.

So first of all, should we even spend time on this lease option for this property and if so how do we elevate our game to be able make this lease option deal work?

Here are 5 small tips I have learned while listening to the experts on Bigger Pockets and reading through the forums on this site that may help elevate your game in real estate investing.  

JImmy I could write your script I would elevate myself so far above the rabble that is most wholesalers.. it would be quite easy as well. especially to larger buyers who are looking for some level of sophistication.Most of the larger OREO distress brokers that would have been considered in the wholesale realm are licensed they need to be they don't want to get sued for brokering without a license. but there are some substantial companies that are not licensed. 

Looking for someone who does Renderings for new construction in the Austin area. Any help would be greatly appreciated.

Our family owns a 100 year old building. The tenant complained of mold so we had a mold inspector come in and the counts are high in the bedrooms.  Tenant has been there for many decades, and is a slob.   The inspecto...

After hurricane Ike my parents moved into the house as theirs was destroyed and still live there as its ground level and not elevated.