Hard to say what happened but there are usually two types of faucets, push or or thread on.

To quickly evaluate a a deal where there is no asking price, I usually look at capex required, adjust the property taxes (based on comparable sales) and perhaps play around with the vacancy and reserves.Is there anything I am missing?

I'm told, most of these homes are under water, but usually the bank try to sell at around or near the mortgage.

@Conner Parsons a usual @Dave Foster is spot on - in fact I would defer to him on pretty much anything 1031 related.

I am usually offering 12% cap rate or higher on my troubled properties which in turn means future value should be 16% or higher.

But that is usually negotiated.I would say that house Fix and Flip  would be a good short term investment on a short or long term loan through various lenders. 

I grew up in the worst parts of Miami-gardens/Opa Locka and lived in Overtown in my early 20s.The people who ran into trouble were the actual renters than the management LLCs (usually smart slumlords that used multi-structured shells to minimize liabilities).I've witnessed more evictions in the nicer parts of Miami than in Miami-Gardens and Over-town ( the only time I've witnessed a low-income tenant being evicted in Over-town was when my neighbor was stabbed/beaten multiple times and the scumlord management company issued an eviction notice 1 day and 14 hours later).

You could do that or buy a 1 to 4 unit home and get a "house hacking" loan that is insured and only requires 3 1/2% down payment and usually about one year minimum move in/occupancy in 1 of the units. 

Does that usually stay the same?

Usually 108$ per cubic yard.