Hi Vadim, If you have a real estate agent on your team, they can search the area near you for closed leases on properties comparable to yours, in age/condition/square footage.

There is no condition that prohibits listing a property and selling as-is.  

Other details: The home is less than a 5 minute walking distance from the train station (<40 min to NYC); the neighborhood is what I'd estimate a Class B+; the home (from pictures) seems to be in OK condition but may require some touchupI understand this is an owner occupant deal since I'm using an FHA loan, however I just want to run the numbers assuming it is fully rented out so I can judge based on its cash flow merits.Finally, if this is a good deal and I should pursue it, how exactly do I get it?

The old laws on the books, if enforced, were sufficient IMO.I guess the gov't wants all of the hundreds of thousands of people living in "Lonnie deal" homes to instead just rent their homes and deal with the cut-off water, the no air-conditioning repair, the roach and vermin infestation, the leaking toilet, the broken dishwasher that their landlord refuses to repair while the local courts get an influx of eviction cases. 

A 203k loan may need to be used to get the place into a condition to attract a better class of tenant.  

It definitely has value above and beyond the tax bill, and I had a friend in that area drive by and verify the condition of the property and that it's occupied. 

It is a 31 site park that sits on approx 2 acres and is in pristine condition.

Recently I've been considering purchasing $20k-50k homes that are in good condition and tenant-occupied, so my question is, does anybody have any tips for a first-time out-of-state investor?

Whenever you go to a doctor, of any kind, for any condition, he will follow the three-part sequence of examination, diagnosis and prescription.Unfortunately, most new investors do it backwards.

The interiors are frequently in worse shape than the exterior, and BPO agents make the assumption that interior is the similar condition as exterior.