However, I am classified under an s-corp so I am salaried the lowest possible for tax purposes and the rest I use is distribution from the business.

Rent was earning me $950/month and was paying 12% on property management since i live 3/4 of the country away...Last month i owed 34k on the loan still, but the last comparable property in the same property area sold for 139k prior to the fire, with the townhouse being rebuilt new here within the next year, i expect the value to increase with the updates in the rebuild...Just wanted to get some input on situation, im financially able to cover this $505/month easily, but i feel like there is something i could be doing to offset this and figured the creative minds on here would help me out.

I wrote the above for informational purposes.

In the long run, these costs are minor when  compared to the income I’ve earned.

I see the value of the homes you posted here are very modest  (esp compared to Charles Village) and I'd be interested in understanding what other strong rental areas exist outside the well known neighborhoods in the City.

Forget $160K for a comparable house in good condition. 

Compare the profits from flipping (accessing the equity) that you could have right now, to your monthly CF (total).How long would it take your cash flow to equal your equity?

Most wholesalers and wholesale buyers don't do inspections because they expect the property to be bad, but you should have a general idea of what repairs cost however inspectors are not used for this purpose.

I want to buy the house likely before I have any sufficient income for debt/income purposes.

Price point very attractive at 80k ( compare to 120k for houses close by).