There are some good smaller sized spec builders out there who are trying to get back in the game.  

I would go back 4-6 months and do your best to find a home that is similar in age, size, and neighborhood.I don't frequently use ZIllow or Trulia, but I know they not only show houses for sale, but also recent sold properties.

Make sure that the house has 2 bathrooms, good size closets and a kitchen that can be upgraded at minimal cost.

@Lakeisha Black the #s might work but if I have a choice then I'm always going with 3 or 4 bedroom homes because you increase the size of potential tenants who will rent from you.

You could start by looking up recently sold properties on Zillow, realtor.com, etc but filter them for validity based on size, style, neighborhood, etc.

Size, scope, cost, challenges?  

But I'm curious about the nature and size of the retail spaces.

It probably depends on the size of your town, your financial state, and where you are in your real estate empire building.

Owner seems to believe that he may not be able to verify vacancy rate by documentation, therefore, this would need to be supplied by a realtor or another Investor of a similar size property.

I wrote an article about how Letters of Explanation and How it can make or break your loan file.4 exceptions to obtaining a 2nd FHA if you pursue this path is 1) larger family size 2) divorce separation 3) you were a non occupying cosignor on another person's FHA loan and 4)relocation.