Also, probably I'd have to fly out to KC a few times until I buy the property to meet the team, potential properties, etc which will add to the costs (~$600-$800 each trip) of owning an OOS property.Given this market, I'd like to hear from OOS investors if they think it's still doable to pull off an purchase worth investing in.I don't want to talk myself out of it again and focus on the negatives but also, want to make a sound decision that benefits me in the long term and doesn't hurt [much] in the short term.

We had a LOW inflation report today (7/11/24), big win!!

The annual insurance cost of $300 is way too low, I'd add another 0 to that.

Expenses - Insurance at $50 per month looks low. 

I would always prefer to use as low a down payment as possible, but I understand that being located 1 hour from Indianapolis may present some challenges.I currently have a W2 income in Lafayette and am a licensed realtor in Indiana as well.

2) Is there a portion of that nonrefundable deposit that is considered the cost for the lease option?

Once you have that you can qualify for a low money down loan and buy a double. 

I've seen lead remediation costs under $1k and I've also seen them above $40k.

And cover the closing costs.

You may be thinking of the FHA rehab loan, where you can wrap renovation costs of up to 110% of the purchase price into the loan.