When investing in high cash-flow markets, I always recommend working with an investor friendly agent so you're able to gain the right insight on the different areas and the risks involved.

A risk with lowballing is another investor comes in with a reasonable offer around the same time and Seller doesn't even want to ask you for another offer.

The plans will probably be developed while the government plans, carries out, or coerces, clean up, and puts liens on the properties being cleaned up. 

@Karl Kauper, There are several ways to mitigage (but not remove entirely) the angst and risk of those tight timelines.1.  

It will help mitigate some of the risks that you are hesitant about.

If you need to get it rented fast, a great property manager would list the home for $2100 (below market) and get several quality applicants competing against each other to drive the price up to the max so you don't risk vacancy by starting out too high and gradually reducing to find the sweet spot.

If places like yours are sitting at $2200 with no traction, you’re taking on unnecessary risk, especially as a first deal.

Quote from @Carrie Baron: @Sean O'Keefe may I pretty please request a copy of the log book as well?

At it's basic level:Assumption: Asking the bank to turn the loan over to you and going through the normal underwriting process, credit, income, DTI ratio etc SubTo: Taking over the loan without telling the bank, no underwriting, no credit check, no income verificationBoth have risks, but it's not my intent to be detailed in this post.

However, if single-family homes prove financially viable, I’m happy to continue building in that niche.Since these homes and projects are significantly cheaper than my market, the risk is relatively lower for me and can do at least two at a time.The ChallengeOne of the biggest hurdles is finding reliable contractors and subcontractors in the area.