At a very base level, make sure the property is up to health and safety codes for your location. 

I know it depends on the policy, but the house is completely destroyed and cannot be sold, ive lost lots of money already and this is affecting my mental health.

Over the past few years, my wife and I have worked hard to improve our financial health—we’ve raised our credit scores above 800, paid off all debt except for our mortgage and student loans, and saved a fair amount.

Health and safety2.

ROI factors in rental income, operating expenses, real estate market health, and property appreciation to assess the potential return.

FHA has the appraiser check inspect the house for health/safety and to make sure there is good life on the roof and systems. 2.

Are you pet-friendly (this will knock out 50% of your midterm rental competition).

If we determine that your dwelling should not be occupied because of damage or risk to property, health, or safety, we may, at our option, terminate this lease. 

Tenants are allowed prior approved pets.  

On the other hand, you may do better by allowing pets and requiring pet rents, pet deposits and pet fees.