I'm also in the market for a rental that is for sale for 48k, but it's worth 80k located in Texas.

I would think you need sales comps for both ones with central heat and air and those without.  

I say “Yep”.When the bank came back with the increase in EMD from $500 to $2500, I asked my agent if that was because they wanted to increase the likelihood that I would not walk.She said that she believed that was the case.So, I believe at this point, ensuring I close is more important than the sales price.Plus I already stated that $17,500 was best and final.So, I countered back at $17,500 with $2500 EMD.It was accepted.My lender couldn’t believe it.After closing, the bank and I discussed financing options.Since it ended up being all my cash for the purchase, we decided on a construction to permanent loan.We got an appraisal value for its as-is condition and it’s ARV.When analyzing the property, I tried to be conservative and used a $120,000 ARV.As-is condition came back at $60,000, and ARV came back at $145,000.Comps were had to come by, as this is a small, rural town and there hadn’t been many homes sold recently.The bank would ultimately lend me up to 75% of the ARV, or $101,000 in 4 draws.The loan would be interest only during the renovation, and convert to a mortgage when completed.The loan is 10 year fixed at 6.25% with a 25 year amortization.Projected costs: Electrical work--$5,300Renovations--$64,000Zoning Hearing for approval for conversion--$1,500Insurance, permits, property taxes, and other holding costs--$2000Total Budget--$73,800Renovation took just under 3 months, with virtually no surprises.The electrician came in at budget, and the renovations had $4,000 in overages.With the purchase price, loan costs, and renovations, I am right at $101,000.I also believe that if I chose to get a new appraisal, it would come in much higher, as since the first one, a few houses in the area have sold and would support a higher value.So here’s a quick run-down on the numbers:All-in price:$101,000Value:$145,000Income:$850/month x 2=$1700Monthly Expenses: Maintenance 10%:$170Capex 10%:$170Vacancy 5%:85Electric:$20Trash:$55Insurance:$100Property Taxes:$185.33Mortgage:$666.27Total:$1451.60Monthly Cashflow--$248.40Money in the deal—ZERO DOLLARSYes, I know that I did not account for property management in my numbers.The reason is that there is industry moving into the area, and higher paying jobs as well.I believe that rents will increase and support property management down the road, if I choose.If that doesn’t happen, well then I’m stuck managing forever or selling it at some point, but it is a risk I am willing to take at this point.Is this deal a home run?

There are of course (sneaky) ways to inspect the property without tenant being aware of the sale discussion (posing as insurance agent etc), however I do not want to run this business in a sneaky way, and even create a perception of being scam-y or sneaky with the customers... 

I would agree that if your only reasoning is to gain MLS access than its probably not worth it but as a current wholesaler I would think you could expand your business with your license and not necessarily have to get into representing buyers and seller aside from your investors, which includes the resell side commissions for your investors who could use you for the sales on the tail end of their flips projects along with purchasing the deals you find for them on the front end.

We have been identifying properties with a big "spread" between the sold price from the Sheriff Sale and the ARV comps.  

I live in Inglewood and focus on Residential and Multi-Family sales.

I wouldn't sell all, but taking a portion to diversify would be advisable.

What happens if: the rehab costs more than expected, the flip is delayed or the sales price is lower than expected?

The most useful information from either site is going to be past sales.