The estimated cost of the home build is a minimum of $650k.

Now you might be like Joe, know rents for a couple of neighborhoods and can quickly estimate expected cash flow from properties pretty quickly (that's what I do as well) but you still need a screening rule so you invest minimal times on properties you will never put an offer in on. 

If it was me...I'd check with zoning to find out how many dwelling units I could build, and I'd find what the requirements are for those units (type of house, height and setback restrictions, etc.).Then I'd find out what local builders think the cost to construct would be - just get a cost estimate per square foot for 2 or 3 different levels of finish.

Some pros:- You'll have plenty of cookie-cutter comps so you should be able to get a very accurate estimate of ARV and/or sale price in the case of a flip.- Your maintenance and repairs will be mostly limited to the interior of the property as the condo management will maintain the building- You won't have to worry about tenants maintaining the grounds around the buildingCons:- Condo fees may change drastically over time and it's largely not in your control- Condo bylaws can be tough to work around.

Quote from @Charles Evans: There are websites that estimate market rent, but they can be off quite a bit.

"In a 2016 paper, Mark Zandi, chief economist at Moody’s Analytics, estimated that full privatization of Fannie and Freddie would cost the typical American taking out a new mortgage $1,200 annually.

I just trying to estimate how long it will take the the heaving to settle once I repair the leaks so I can start rehabing the house.   

Make sure you have a lot of ducks and all fo them in a row. 5 year estimates on revenue and expenses, full business plan, licenses etc etc all in place before you go in.

I bought the property at $365k, and its new *estimated* value after renovations is 390k-400k.

Is there a place where I can type in the address of the properties I am considering, and it will spit out an estimated monthly rent?