If you take two comparable homes of equal quality, condition, age, features and location but differing sizes, the smaller home will invariably show a higher value for $/sq ft.That number is somewhat useful in a development where there are cookie-cutter homes that are identical in every way, but unless the development is new, some will have been upgraded and/or updated and others will not.Your best bet is to get contractors in to bid on both a gut rehab and a tear down. 

There may be a slight difference in the cost/quality of materials you put in one over the other.

I am looking to purchase a property in Wagoner, OK but am worried about the quality of tenants that I might be able to get there due to a smaller pool to pull from than in the Tulsa area.  

You want quality leads, not quantity.

Can you recommend any great quality, efficient decently priced trades/GCs?

It depends on location, the quality of your renovation, price point..... 

What qualities are the most important, and what are your expectations for the individual. 

@Laura Yates I would mostly agree, but still be sure to vet the quality of the HOA.

You will too.Buy quality, 3/2's nice area close to transportation in ok blue collar areas and you will always have demand from renters. 

Quality usually costs more.