I also have a college degree in business with an emphasis in real estate.

To answer above the area is a blend of college students/graduates and people in roommate situations and there are less families that tend to come through the area.

I have a business degree from college that emphasized real estate.  

Practice smiling when you are alone.

You have a good mix of college students from Linfield and locals competing for a limited number so the monthly rents are on the higher end for what I would expect in the SFR realm.

It will practically be a new house when finished.

Identify housing style, amenities and newest construction practices for today's buyer.*5.

Practically how that works for RC is you would receive your initial settlement and make your repairs.

Make sure you note any "Phone Answering Fees, Repair Oversight Fees, After Hour Fees, Other Arbitrary Fees" it's pretty standard practice everywhere for what I've found to be 'sub-par' property manager. 

You should also read Kellar's "the millionaire real estate investor" and practice the #1 rule for investing in real estate: you make your money when you buy.