Obviously there is deferred maintenance on the property, but an inspection with a contractor will  tell you the difference between some TLC and a fundamental issues with the home.Looks nice to me (not familiar with Iowa markets) but I wouldn't move on it until I speak with a contractor.

Second having fundamental local economics of certain markets such as population growth, jobs, employers, curb appeal could help decide between a flip or buy and hold and this is especially true for buy and hold.

But if you have a specific market in mind the fundamentals there will be the important thing.No investing strategy can be fully "recession proof" since there will always be macro market forces that will affect your investments, which you can't control.

Those numbers are fundamental to the income analysis.

BECAUSE only once you realize that fundamental flaw, will you then be capable of comprehending the solutions.

I've been tearing through the BP resources and I'm really impressed with how fundamental yet comprehensive these guides and tutorials are.

Yes, the state is having a issues (budget, shrinking population), but at the end of the day I think there are still fundamental advantages that the state enjoys.

@Ben KahleThe short and fundamental answer is, yes more cash-flow!

I am not sure where or how to start a pointed reply to this because it appears your fundamental "belief" of the market is radically different than the reality of it, so I have a thought that info may be "lost" until that foundational comprehension is first corrected. 

Run the numbers in detail then apply fundamentals such as location and future cash flow when you get ready to move out of the other unit. you need to view this as a long term hold and assess accordingly.