Where there's a will there's a way, as they say, and I think that's closest to being true in RE. 

Hopefully, at this point, you have "talked" the hubby out of this deal.As I own several out of state properties, but within 90 miles, I can tell you first hand, if there are potential problems, the long distance aspect may and will create headaches for you both.Luckily, I have been fortunate to have great tenants in the closest properties, but there have been numerous "issues," some natural, and some due to tenants, that can cause financial problems.As you are in California, you had better have access to some good resources in Indy, or you will be paying top dollar for good work, or even more money for subpar work, with follow up re-work!

get someone to pull the 5 closest comps in your area that sold or rented for the most $ per SF and just do what they did.  

From a real estate perspective, I have no experience -- closest I got was site selection and negotiating leases.    

The new condos are being built up in the areas closest to downtown.

@Andrew FidlerI will pay for a steak dinner and a whole night a beers if you would be willing to sit down and give me some ideas on where I should go with this.

I hear they have the $6.99 steak and eggs that is not on menu and must mention verbally.

They wanted steaks and beer.  

The closest you can get is through myfico.com, which uses true Fico scores.

You do need some legal advise and you might go to someone who is well versed in environmental issues or look for someone who has dealt with dams/water issues, that is the closest I would imagine getting to owning a lake bed.