Paid 180k for the place, ARV 230k (in this market) and looking at 20k worst case on the rehab, including full paint, rotted wood, refrigerator, trash, holding costs etc.

The next stage in the matrix is called land development which consists of horizontal physical improvements like grading soil, installing wet and dry utilities, street improvements and flatwork (pouring streets and sidewalk, etc.). 

General rot on the exterior... soffits, fascia boards, etc.  

An STR with a high occupancy rate will typically lead to higher monthly revenue but you might have to deal with months during a slow season where the revenue dries up.

Did quite a bit of clean up and tree clearing on both lots, filled in a dry pond, removed an above ground pool buried in the ground, added a bedroom from an existing open space, joined an extraneous dining area with the living room to make a great room, painted the barn.

TL;DR - I am brand new to real estate and am weighing options on buying my first property that I can use to set me up to buy a full rental property in the future.

I have looked at these along with dry cleaners and clothes washing centers.Came to the same conclusion on all.

On repairs- one plus I have found in working in Philadelphia personally is that minor/cosmetic repairs tend to be very affordable- so I would run away from anything that may need new walls or fresh carpets/flooring- just be really careful about electricity, structural, wood rot, or places with TONS of windows (Some of the old houses have a million windows and replacing/repairing is super expensive) Good luck!

Ditto on the zero action until the ink is dry. 

I can 99% assure you there will be a lot of damage and hopefully just cosmetic and they don't take hammers to the dry wall or anything totally vindictive..