The parcels are in a speculative investment area, and the price we anticipate them wanting will not be bankable.  

If you do not have access to the MLS go to your local assessors office and find out what online tools they have to research "sold" properties.Going into areas where a majority of the homes are being bought by investors and the market value starts to become a lot more difficult but can normally be calculated based on a cap rate based on the properties performance or anticipated performance.In distressed areas you will find that most homes do not sell on the MLS but many change ownership through FSBO deals, tax sale, auctions, wholesale deals...  

Definitely a bit more involved with this project than anticipated but I want to bomb.... errr tenant proof as we went.  

What is a good anticipated cash flow that you are comfortable with?

In other words, should I be deducting this amount in anticipation of repair needs (obviously maybe one year I only do 680 in repairs and the following year do 2680) or do i simply wait until the repairs are done and deduct them at that time?

If they anticipate strong future rent growth and appreciation they will move to LOCK in expenses today such as financing and property taxes.  

From the FHA handbook:Debt payments such as a student loan or balloon note scheduled to begin or come due within 12 months of the mortgage loan closing must be included by the lender as anticipated monthly obligations during the underwriting analysis.

I bought this home on auction.comA few weeks ago I posted my experience with auction.com in detailThe property required a lot more work than anticipated but I worked with a great contractor and listed the house with @George Foster   and in 2 weeks signed the deal today.

If soil requires extra reinforcing and it's harder to dig up expenses start climbing higher than anticipated.

You need to know that because often the actual closing is not the day it was originally anticipated.