If you won’t hire a PM I’d send something like: You’ve been a great tenant but because of market conditions the rent will be increasing to $x at the end of your current lease.

Or if you have an investor friendly agent they can help identify properties that are in very good condition and link you to a property management company.

Create a weighted criteria chart, visit top markets, engage with local experts, and use resources for market analysis.

Without comps and a credible assessment of the condition, it could be a grand slam or  possibly 80k over what you should pay.

Make sure you have smoke and CO detectors in appropriate places, GFCI outlets near water, functioning mechanicals, make sure everything is in good condition and you shouldn't have a problem.

How would you approach this given the market condition?

Not understanding/not realizing a condition exists is unlikely to work as a defense.

I am not familiar with Horn Lake and the economic conditions you mentioned as a CON, but if you already have those concerns, on top of a large rehab, which typically don't shrink as you get started, and being OOS and needing a PM team, you may want to consider other options as you get started. 

COLLUDE With Judges like KAREN PHIPPS to case FIX court case outcomes so the public doesn't know their fraud scams that include insurance faked claims with frivolous incident dates of known pre existing conditions putting tenants lives at risk SEE CASE COLUMBUS OHIO FRANKLIN COUNTY COURT OF COMMON PLEAS 22CV003620 AND OHIO SUPREME COURT WRITS : 2024 1311,1314,1315,1319,1320,1339,1360,1362,1378,1400,1420,1448,1471,1474,1502,1588,1601See FRANKLIN COUNTY MUNICIPAL COURT cases 2021 EVH 060439 AND 2021 CVG 020711 FAKE AND UNLAWFUL LANDLORD RETALIATION EVICTION BY ALL COUNTY NEO'S  ATTY WHO IS THEIR CLIENT🙄THEY ARE ALL CORRUPT and fraudingI would be careful about labeling an attorney as a fraud on a public forum.

I think their general stance is going to be to go with whichever comparable property has the greatest degree of similarity in terms of (probably, in this order): location, age built, quality of construction/current condition, and square footage.