When we get in, the hole in the roof ruined all the ceilings and its so far gone we can't fix & flip and make any profits, as we won't make any money putting $50k into it, so we are doing a rental rehab, keeping pink tile and green toilet, putting in a renter, and will sell it as a loaded rental after that to an investor as a turn-key property. 

They'll buy a house from some of these wholesalers or wholesale companies that inflate ARV and lower repairs so these inexperienced flippers end up losing money or barely breaking even (which in my opinion is losing) San Antonio has a few pockets that make sense to flip in but people know this and they're selling these houses at a price that doesn't make sense to flip.

I will spend some time on my own.. and do a pre app at the city or county that usually cost 1 to 2k.. then I might go to stage two with prelim drawings etc that cost 10 to 20k.. then I will decide if I want to move forward.Generally speaking you cannot develop bare land without up front cost that you could walk away from I have walked from 100k plus up front and not closed..

You see, I currently wash dishes for a local restaurant chain during the day, bring in barely 1k per month in income (after taxes), a little over half of which goes toward living expenses, and use a bicycle and the local transit system to commute around town since I don't own a car.

Essentially you are saying that you want to put all your eggs into one basket, no room for error, no emergency fund for yourself or your properties, only to have cashflow of $22.6K that is likely barely enough to live on let alone reinvest, and just hope you always have renters, nothing breaks, or the economy doesn't experience a downturn.  

I should have just fixed it up from the years it was vacant and put the bare-minimum into the project.

It gets folded in with a bunch of "Fannie - No Overlay" deals that include marginal credit, heavily leveraged real estate investors, down payment assistance, DTI that barely works, et cetera.

I can barely justify the payment the way I'm figuring it, and am hoping perhaps that isn't the way the math should be done. 

Personally, I believe you've set yourself a "minimum 10% acceptable" trap, because it's now tending to became your default (barely 10%) decision-maker!?

Big & Little cottonwood canyons have the ski resorts up them, but expect to pay for that (again, around 450k bare min for a house).