So I believe you will have a hard time unloading them in traditional note investing circles.Maybe market to people with SDIRAs.

But if I'm using private money to fund it as a "cash deal" then I wouldn't pay as much as I would if I were going to closing with traditional mortgage funds, right?

How do the rental rates compare to the acquisition costs?

One of my partners is looking into the legalwork and comparing development costs with other contractors. 

This sort of renovation will actually be small compared to the one I just finished rehabbing.

As long as it was put in place by a reputable contractor, the quality should be no different when compared to a neighborhood of houses.

(I imagine this would depend on a number of factors, but I’m at a loss on what to compare a USDA-guaranteed offer against.)

I assume your agent ran the CMA on the property and if so, did you guys did compare it with other 3 bed rooms, 1 baths in the area? 

Comparable houses to this house are selling for about 75% of the list price while similar size land plots within a couple of miles have sold for 100% of the list price. even after commissions and whatnot, it looks like a 150% ROI is realistic in just a couple of weeks.

Payments are too high compared to rent. you're over $650 per month before maintenance, property management, capital ex reserves, etc...