@Bruny C. if you would like some more data or another opinion give us the actual value of the property and your amount of the current mortgage. 

Ensure your general contractor has a robust network of sub-contractors. 2.

When screening do not ever view a applicant as a person only facts and data.

How do I ensure that appraisal will be close to $60k before I pull the trigger?

What leverage could you use to ensure your agent would be looking out for your best interest and not conspiring with locals just to make a sale.

If you pursue it, just be careful to read up on the building department's rules to ensure you can figure out what you are and aren't allowed to do. 

I am very data oriented, but also very busy in my day job, i feel that spending a few hundred dollars on a property to help develop a good number or show a bad deal early on then being stuck loosing thousands at the end of a deal. 

You just need to ensure no disqualified parties are involved in the transaction, and that the note is in conformance with state lending laws/disclosures.

Does anyone have data that would possibly back up disprove my personal experience with my investors? 

Once you have the data reconciled, you can run financial statements that are useful to lenders, investors, and will help you manage overall business performance.