The only thing about a crashed market is that it may make it more likely to find such a deal, so in actuality it may very well take until that happens for a newbie to find one, but that doesn't mean you shouldn't look for a great deal because that hasn't happened yet, and it doesn't mean that you shouldn't invest if you find one of those before a crash happens, it just means that you should NOT buy anything at any time that is NOT a great deal, or buy anything (great deal or not) that you can't realistically afford to hold through a downturn under some reasonably bad analysis stress tests.

The individual line items I have mentioned will be more in line with my projections than your lender's estimates. 

How do I go about performing a market analysis out of state?

Nick,The whole project was rehabed in 2014 and updated with handicap access on the first floor, new roofs, and better parking arrangement.

After completing this analysis I had my number.Now it was time to meet with the seller again.

We're wrapping up our first reno but we're hoping to have another project in the pipeline soon.

. - 100% financing is the most risky to the lender, as they would have to bet on you giving up the property if you fail.... to recover a failed project with no equity.

I have tried listing it on the mls, no luck since it is an unfinished project.

So they would have NO financial risk at all invested in the project.

You really need to do a more detailed analysis of your income and expenses.