NOI Underwriting Methodology: NRI and EGI, real estate taxes, operating expense underwriting rules of thumb, replacement reserves, appraiser’s impact on lender underwriting, expense comps, etc.10. 

Is there a place to check what the house is actually valued at or is it that I have to do an appraisal to get the value?

If the appraisal deems it to be "Subject to" you will have to use a renovation loan/construction loan to repair and close. 

Property appraised north of $100K.

The minimum down payment for a property in this price range would be roughly $27K.That said, you also need to account for bank closing costs, inspection costs, appraisal, attorney fee, and title costs.Your scenario may require a seller's concession to account for these additional expenses.Investing with $50K is totally possible in this market but your journey may be met by challenges i.e.

I do have a portfolio loan that encumbers several SFRs, so that is a possibility…one origination fee, a bunch of appraisals and a new mortgage over a handful of properties.  

Put a little rehab into it, and you have pretty solid BRRRR potential.Just today I had a client text me that his appraisal came in at $122,000.

If you did not do independent appraisal and inspection, you experience what 170+ investors experienced.

Quote from @Kyle Lewis: Hello,I just recently bought some land for $50,000 and it appraised at $90,000.

MichelleI would try an appraisal dispute!