There is a tremendous amount of energy around the long term prospects for the Cape. 

It's hard to say offer amount without knowing the rehab part since that could blow this out the water.  

If the house has a septic system, especially if it's an older one, it's worth the investment to have a septic inspection done.This concern is particularly relevant for those planning to buy and hold the property rather than simply fix and sell it.

Ah screw it, you can sell it for the same amount right.

With the FHA loan you won't need a huge amount of your savings.

If you choose not to rebuild/replace your settlement would usually be for actual cash value.It's unlikely you can get a settlement for above the coverage amount you paid for.

If the bonus depreciation amounts go up in the future again, can we capture the other 60% if we still meet the threshold?

IMO, the best strategy for that type of individual is to purchase residential property in an area they are or can become familiar with; in an area where the neighborhood is “on the rise”, typically where demand exceeds supply and people are spending $$$ on fixing up properties.  

I've seen programs that go down to a $100,000 USD loan amount for foreign national DSCR loans.

In other words, you can manage for lease option properties with the same amount of effort that it takes to manage one rental property.