It is along a row of nice quality homes across the street from a great view of the Merrimack River.

If you go to meetings in the area there are normally multiple quality wholesalers present.

That means you're likely putting all your contracting eggs in that basket, and if for some reason it doesn't work out with your FIL (too expensive, low quality, too slow, etc), you won't have the experience going out to find contractors and will likely make some bad decisions with respect to future contractors.Think of it this way -- 90% of all contractors aren't going to be good choices for rehabbing/flipping houses. 

With the new QM (Quality Mortgage) rules that came out in January you may have trouble financing an investment property for that low of a selling price.

With my clients we only stick to quality areas.

Spend some quality time on the new bat site; listen to pod cast, read blogs and forums. 

In no particular order: per capita income, crime rate, vacancy rate, average rent, average home price, population growth/decline, school quality.

Buy quality locations over cheaper price and quantity. 

There seems to be a drought on quality properties worth my time or money.

@Stephen Menches I use clubflyers.com quality cards - great prices.