The major downside in my opinion is that if you paid $80K for the NPL and the home has a value of $150K, you will be charged by OSC for the $150K coverage. 

Interesting question though (I grew up near DC), housing affordability is definitely an issue in every major market.

I know the major industries currently employing residents and I know what industries are moving in/moving out of the area.

I thought both sounded high but its within 10 blocks of 2 major universities (Illinois State University/ Illinois Wesleyan) and from the research ive done, rent is very high around those schools.

Currently looking at 10 acres in Pueblo zoned industrial to get some major returns on it.

The majority of realtors live paycheck-to-paycheck.  

That is my major concern, my other is just the curb appeal.

Your subject Property has several “major” buyer deterants.

Unless of course your first purchase will be a major one this is what I would do.

You could also just google title companies nearby - often the same four or five major players will show up.