You will want to see it in person anyhow as details like windows opening, wood rot, etc are not apparent from videos.

I drilled 1 weephole in the area that water was flowing out of...and it seemed relatively dry inside.

As long as your basement is dry (no water getting in) you should be find to insulate and drywall.  

Meaning I might have to try and find something for even less and after including repairs have 216K tied up in it.I agree with @Derek H. in his assessment; the Treasure Valley (Ada & Canyon County with a little Owyhee County thrown in) is a particular beast that is not cut and dry in the ability to assess it in some regards...just a few nights ago on the 10 o'clock news (channel 7) they discussed the state of the market over the last year and they noted that in the Treasure Valley/Boise metro which is nearing 800k people, there was 1 single family home that sold for under $250k and that was in Canyon County.  

I also recommend you read the book over a couple of times up until testing day as most of the stuff you learn is dry and is easily forgot by the time you move onto the next sentence :D :D

It's just your typical rotten wood damage...commonly referred to as dry rot.

-Property needs crawlspace dry in, minor roof att, new furnace, new appliances, kitchen flooring and possibly 5 windows replaced. 

What do you do if you have a tenant who is just messy, versus a tenant who might be causing damage to the property due to negligence (e.g. letting food rot, attracting pests)?

So I have been talking to fellow investors in Minnesota and the once hot rehab market has dried up!

Keep in mind the cost to rent ratios we have now are WAY better than they used to be.There was a period there where it was REALLY hard to sell a house, I had one listed $200k under a $800k appraisal and only had 1 showing in a year...so my rehab business that was feeding my rental business dried up and it got kinda hard to cover the $30k+ negative cash flow each month...Anyhoo, long story short is you gotta watch your cash flow and keep adequate reserves.