Apparently my filter is too broad, so I would appreciate a professional's opinion to keep me grounded.

You can just keep the assumptions level with today as many time the future is broadly similar.

@Christopher RaneySoutheast is a very broad region.

Figure out, in broad strokes, what happens if/when things go sideways.

And with 4BR/2B and a partially finished basement, I'd be able to rent out at least one if not two rooms to help keep my costs down and start getting landlord experience.My realtor pulled comps, defined as all 4BR/2B properties on less than .5 acres (subject property is .31 acres) in the last 6 months in the zip code.

As recently as two days ago, there was a homicide in broad daylight when a homeless guy attacked another one.

You should define multiple exit strategies for your flip.

The difference here is how the insurance companies define coverage.

There is a broad range of housing from 80k to 500k out by the lake....oh...I forgot to mention there is a Lake Taylorville and Lake Bertinetti that has potential for new homes and some nice homes built in the 70's that need a little TLC.I am in the process of closing on my primary residence (downsizing) and will have some cash out that we will be looking to invest into a buy and hold, or a fix and flip...not sure yet. 

Land is defined as everything not supplied by human effort.