You have to somewhat sell yourself but the project is more important to those that fund here and there....what is the funders profit out of the deal, can be a deciding factor, again, for those who don't know the business. 

I can drive further, but with my work hours - did I mention i work in La Porte:/ - it would be better to meet some local....very local, folks to jump in with.

You can then adjust expenses based on a few factors:  does LL pay utilities or tenants? 

Vacancy and repairs are only theoretical costs until they are realized but need to be factored in anyway - i.e., if the place never goes vacant there's no cost to you.

Your typical investor will run for the hills on this deal but there’s a lot of upside and fear drives a lot of those decisions .

The math still doesn't work out to favor new construction, so there is obviously other factors I am not considering.

There are a variety of methods people use @Matthew Hall, ranging from direct mail to driving for dollars, to targeting specific niches (such as delinquent tax records).

Maybe a 10 minute drive during heavy traffic.

Consider that two of the most important factors in the success of a real estate investment is location and property management.

Driving there I assumed $20k would be max bid for me.