Upon Stabilization: Stabilized Market Value (SMV) = NOI/Cap RateThe tricky part about this is that since this will be a newly renovated property, there will not be accurate historical financials for an appraiser to analyze.

The original plan was to hold this property for decades given significant historical appreciation in the area and possibly someday retire here (in 20-25 years) but starting to rethink that now given the negative cash flow and the risk that appreciation at the rate required to make this a good investment is far from guaranteed. 

And historically, the rental market doesn't shift as much as the buying/selling market.

And even then historically those crashes are relatively short in duration before the markets start to improve. 

I think for virtually all newbies the best market for them to invest in is their own market; no more than an hour drive, ideally less.The worse market for the newbie to invest in is the historically zero appreciation, high projected cash flow, OOS market.I preach what I say. 

They may can be repaired if they are in good shape and maybe historical type.

If you are selling this property as an investment, any buyer is going to want to see historical financials, a copy of the lease, and likely financial info on the tenant to gauge the level of risk the tenant itself adds to the income stream.

@Ashton Baker  Santa Rosa County is brimming with recreational opportunities, historical locations, and sights. 

While a restored historic house on the circle is going to attract a high-end tenant, a few blocks out will be more working class.

Now recognize that this is in a Historically zero appreciation market (meaning appreciation is not greater than inflation) so in 10, 20, 30 years the cash flow will be the same as it is today.