Planned to do a small bit of work to make it more livable right before moving in and then house hacking and doing repairs.  

Now maybe small town USA it's different.

If comparing to a very small home, your sf price will likely be less.But you probably won't get many more specifics on BP then what your broker provided.On an old house, if it were me, I'd want to see a higher margin for my first flip, because it's going cost more than you realize to begin with. 

We value everyone’s input no matter how small or large and being a part of this community!

The problem is not finding a property at a reasonable price, the problem is getting that small a loan.

I believe that just based on everything I've also studied about marketing, and why I decided to use my small saving of $3,500 to take the plunge.

Everyone and their uncle is out there marketing to motivated sellers and some are spending small fortunes every month on marketing - You just can't compete with that - Thats not to say that you won't eventually stumble on a deal, but the odds are against you.  

What a small world, eh?

More than likely the cap rates would be different so unless the income is such a small percentage of total income it is better to value separately.

But you could buy your home and then invest in a small multi or apartment complex in a rust belt city.