I do not know enough or want to look into it.I will take this another direction though - should they actually rebuild those homes or should they re-evaluate the area and implement a plan to properly zone and master plan those areas to avoid this in the future.

Looking forward to sharing my progress and learning from experienced investors like yourself!

Real estate's "gross rent multiplier" is Wall Street's "sales to revenue",  "cap rate" is roughly "P/E ratio".When evaluating markets and investments I tend to start with GRM (or lazily the 1% rule), then attempt to return a cap rate based on assumptions about costs, then I work my way to multiple years of projections (assumptions about inflation, amortization, tax benefits, etc), and if I am partnering with one of my smart friends I have to pull up an IRR (internal rate of return).I also look at regional employment levels, median income to rent ratio in the zip code etc. 

Some lenders might evaluate the same deal differently.

Evaluating deals on this site will help you understand expenses, income, and financial statement.

Learn how to evaluate a market by either reading and listening to a lot of content or by providing some sort of value to someone who already has that knowledge.

To determine the quality of a property requires to evaluate all of its return as well as potential return.  

After this tax year, I will know exactly what I need to do to progress.

It hasn't progressed at all.

I think it will prove to be especially important as I evaluate possible properties in the future.