To answer your questions1) I think that with the area especially near the local medical school and looking at comps in the area another 10% with minor improvements (Paint, minor bathroom/kitchen changes)2) Great question I did the 70% rule minus rehab for that price.

I've done lots of research, listened to plenty of youtube videos and podcast.

Overall we agreed to pay off their back taxes and let them stay in the property for an unspecified period of time (we estimate 2-3 years at least) for $450 /month and they cover all repairs and improvements to the property along with their own utilities.

Minor cosmetic improvements.

Minor cosmetic improvements.

Then most large home improvement stores like Lowe’s, Home Depot, etc offer free installation on carpet if you buy from them.  

Check out Gary Keller's team break down on YouTube.

As a landlord myself, I appreciate the surplus of investors coming in and improving the neighborhoods here with flipped homes that would otherwise continue being dilapidated properties. 

Check out YouTube - many audio books you can listen to on YouTubeThat's where I listened to emyth and rich dad poor dad

You can also fund improvements, like an FHA203k, but you don't have to live there & can do a lot of the work yourself.