I appreciate your enthusiasm to jump right in there and get started but I think you might be better served either 1) waiting and building up some capital, 2) finding more stable financing options, or 3) finding a real deal and then partnering with another investor who could help with the capital requirements.  

@James MasottiHere is one of our "young professionals" units where we used an engineered hardwood throughout the main level:However, we have other {student} units where we have run vinyl plank throughout.Upstairs we just used a mid-grade AC3 laminate:In the bathroom and laundry we "spiced" it up a little with a contrasting linoleum (I was not certain of the "floating subfloor" was stable enough for tile):

Carol, always nice to have a 1.0 or better DCR ---- but good manager and good properties can equal more long term and stable returns.... so much to consider.... 

I desire to build a house on the property, but the concern has been raised that the land may not be stable over the long haul.

By investing in eight different markets that we have researched as strong and stable markets for growth and stability, this spreads our risk, and is my way of diversifying.

Honestly, with 203k and no property identified... the only thing that I can 100% guarantee you is that the estimate is wrong.There's no such thing as off the shelf 203k, period.

Then use projected expenses and market rents to arrive to your NOI.Then calculate your stable value.

We both have decent paying jobs that are extremely stable and are just ready to take the next step in securing our financial future.

For some reason banks like to see at least a year in a new career to prove that you're stable, whatever that is.  

At $500k we are not looking at high end renovations....but you have to do better than off the shelf home depot finishes too.