That keeps me to search for lower priced homes.But I am ready to invest and I can't wait for correction to come, It can be years.Where else would you advise me to focus if you think SFHs up to 60K are not rentable in this time? 

Well maybe not so fast.While it does not make sense to me, I provide for your reading enjoyment the following links /  Court Case;https://www.gpo.gov/fdsys/pkg/USCOURTS-ohnd-1_08-c...andhttps://www.casemine.com/judgement/us/5914fbf2add7...This property was recently listed and so I was doing some research, ran across the case and learned a thing or three.The synopsis is (not a lawyer so maybe I haven't read it correctly) and leaving a side the fraud of one party (which he eventually was found guilty of), the eventual purchaser, purchased in good faith and was declared the 'owner' with good title.

Honestly the Fix and Flip calculator in the Tools section would be perfect for what you need.  

That is, if the spot you have circled is correct.  

@Brett Barton I stand corrected.

@Dennis Tierney is correct you're going to find it difficult to get financing for this from a traditional bank but there are other lenders you can find. 

Some people may make their money there and all the more power to them, but it wouldn't be me no matter how good the numbers are.However, this sounds like a numbers game to you, so I see the COCR is around 20% and based on the true net of $1600 it sounds like you've provided us all the expenses.I always like to run numbers personally so see what I input below and make sure its correct.

Adam Mittermeier - Why don’t you rent the shop to a contractor for tools, trucks?

Now often times new agents are hungry and will do a great job searching for a good property, but be sure they know your criteria and be prepared to help correct their searching to allow them to better serve you. 

Let me ask you this the Repairs are being take out of the sale price of them home correct?