But you have to take other things into consideration such as condition vacancy rate and what your goals are with that property.

It's possible that values have dropped considerably in the recent past for some reason or another.There's no way to know without doing more investigation. 

@Kelli Ell there are several considerations to help you decide if you should use SD IRA.

I'd have to take into consideration all the usual expenses such as taxes, repairs, interest on note, cash down, vacancies, etc. so I get that, and I also have found resources that can help you understand what comparable rents may be going for in the area, but beyond that, I'm not sure how to value if it's a good purchase to rent or not.These are obviously newbie questions so if there's a link to point me to, that would be awesome.

This is not taking into consideration the closing costs of the purchases.That's a $120K investment.

I will also research and take into consideration the area’s present and future employment opportunities, demographics, and historical rental market rates (increasing vs. decreasing).

Depending on one’s perspective, this amendment to the injunction statute either eliminates some of the previous uncertainty for contract-for-deed cancellations or creates new uncertainty.Due in large part to the decline in residential real estate sales prices and the number of homes acquired from foreclosing lenders that are being resold on contracts for deed, there has been a rising concern about abusive or predatory practices by contract-for-deed sellers, their often total lack of compliance with both federal and state laws, and the general public’s lack of understanding about how contracts for deed work.

After all things taken into consideration (taxes, expenses, vacancies) what do you guys consider a good deal?

However, their presence is not always an automatic value kill at all.2 - Property (back) Taxes - Property taxes are a Super Lien when levied, they rise to first priority automatically which gives them the power to extinguish the rights and interests of ALL interested parties inferior to them.  

One of the considerations for renting may be the learning experience.