We use a custom spreadsheet and DealCheck to break down key metrics like cash-on-cash return, cap rate, and debt service coverage ratio (DSCR).

Your loan may also be capped at 65 or 70% of the after repair value.

75% LTV is the cap on cash out with many (but not all) lenders, so I'd make sure you have a viable option for 80% before you make your decision.

Conventional at 5% down would cap you at 3% concessions, but generally is more lenient with employment history and property condition. 

Clean it up a bit to get most bang for the buck add ons and preventative damage items like water leaks.

This way I can also control the maintenance cap/ex aspect. 

I think your best approach is to pretend you are the investor yourself, calculate build cost (mortgage with interest) + Maint / cap expenses/ management fees according to your zoning and then compare that to the average rent in that neighborhood.

This is because cap ex and operating expenses disproportionately impact lower cost real estate and its very easy to find yourself upside down on a property like this.

I am from the Midwest where cap rates are high and you can have positive cash flow with 10-15 year loans.

And I don't know what the cap rates are in the area for SFRs, but I did a quick Redfin search for a small multi-family home in the area that's turnkey: https://www.redfin.com/VA/Richmond/1622-N-31st-St-23223/home....