My emphasis is much more heavy on the quality of neighborhood and the cashflow.Good luck!

If you have outstanding credit card balances, car loans, or other debt, this will impact your ability to borrow.

Mercury tanning facility, etc...Pay attention to this upfront>>>Quality, quantity and availability of well water, soil perk sample from around the site, availability of LP year round, availability of cellular, and internet.Pay attention to this upfront>>>How far (cost and time) will it be to run electric to the site, and how much electric can the power company provide without having to make major super costly improvements (that they will charge you for in cash upfront before doing the work).

Consider Where The Management Company is LocatedIf the property manager you hire is located far away from your building, they might not offer quality management services.

Its the job of the investor to determine if it has enough good qualities to purchase it at said price to achieve the return the investor wants.

Lastly, make sure that the renewal date of the lease occurs during the spring months which tends to be a better time for finding quality renters.

There is the option to list the house for sale still occupied, but this will probably scare off some buyers and affect the quality of offers I get. 

That will affect your current ability to attract quality renters or receive strong reviews following their stay if made into a STR. 

Did you end up taking the combined owner carry / subject to route or did you secure a mortgage for the outstanding $242k?

We used to flip in Des Moines IA and catered to providing quality homes to first time buyers.