The house is near 100 years old and a prior owner did a good job covering up foundation problems, termite damage, to include electrical and plumbing problems. 

I’d much rather have a 100 year old brick building with good bones (and updated electrical, appliances and plumbing) that was built by true craftsmen than a new stick framed house covered in glued together sawdust built with poor workmanship and controlled by smart phones but maybe that’s just me.

If it's an older building you will have a solid year or two of maintenance issues making themselves apparent (plumbing, electric and handyman type repairs). 

Now after the title check is this gentleman free and clear if someone later on down the line claims a stake in the title (i.e. mechanic lien of sorts)..is this were title insurance comes in? 

Did you get actual quotes/look up for taxes, insurance? 

  $750 is insurance greed pure and simple.  

Both of these loan programs are conventional financing, and with less than a 20% down payment, you would also receive a reduced mortgage insurance rate. 

The house rents for $850/mo, and I think I could push it to $950, give or take - but the debt payments (30-year loan at 4.75 or 5%) and taxes and insurance would take up all of that, leaving nothing for renovations.One alternative I’ve pondered would be to secure it and then seller-finance it to an owner-occupant.

I tell tenants to deposit into cozy 4-5 days before the 1st to insure timely payments.

A $680k mortgage (let's assume they had 20% down) plus taxes and insurance is going to be somewhere around $5k per month.