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?

There is, at our best estimate, about 20 billion in seller finance paper in manufactured housing alone.

Good thinking thereLook on Zillow and Trulia and see if tey have an estimated value for that house and an estimated rent for that house.  

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookYou might consider Niche or Specialized Housing like student housing.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookDownload BP’s newest book here some good due diligence in Chapter 10.

Such as if it's distressed property, what's the after repair value estimate?

So once you know it's vacant, to get an idea of the  return on your investment, you'll need a few pieces of data first including: the Fair Market Value, the estimated ARV (after repaired value) of the property, a rough estimate of how much repairs will cost, and you need to know market rent in case you can't sell the property right away.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookYou might consider Niche or Specialized Housing like student housing.

The property before the rehab was very likely a foreclosure, or run down.I was thinking today that the tax figure I used in my projections, which is around $750 per year (around 63 a month) (an estimate I pulled from zillow as an estimate, and what I actually ended up paying for the 2015 year when I closed) is based on  the old value of the property before it was rehabbed.

Make sure you add enough of a cushion into the repair estimate so that you will be covered if something unplanned occurs and you can give the end buyer a financial incentive to purchase from you.