With higher home prices rents are finally catching up. 

To answer your question, if your plan is to rehab the property, I would recommend doing it within driving distance so you can keep an eye on it.  

With markets now at all time highs, the appraiser is the eyes of the lender/bank and their job is to protect the lender not you.

I'd be happy to walk through the property if you want a second eye on estimates. 

Although there is a substantial lag now between the last assessment and the asked-for sale price, things WILL catch up.

I see it now incorporates references and requirements to NSF International public health standards NSF/ANSI/CAN 50 and NSF/ANSI/CAN 60. or is this a buying opportunity to upgrade properties to meet modern Drinking water health standards.

@Michael Ablan I didn't quite catch the last statement you said.

At the same time, I'd also keep an eye out for any more damage.

Check out Meetup.com for local or virtual events, FB Groups focused on investing, and keep an eye out on the events posted here on BP. 

I also have a good eye and always got into small remodeling projects as a hobby either for myself or my friends.