I recently did an evaluation on all properties that met my definition of bread and butter - listed for sale in RI and Southern MA for less than $400k in both MLS’s (ran a query and exported results for each) and was surprised to find that on average the cost per sq foot (list price compared to living space) on average was higher in RI than Mass.I am looking for fix and flips and am always looking for property with low sq dt to list price ratios.

Typically because the land is already purchased the rent to cost is very good on an ADU compared to purchasing a new property.  

Zillow, Trulia and such gives some information but frequently its not sufficient (ie Too few comparable home sold within the 0.5 mile radius or even the same zip code). 

My plan is to purchase a property with a hard money loan, renovate and then refinance with a traditional bank.

Generally Texas has not seen a terrible real estate downturn since the 1980s.  2008=2010 was mild as compared to the nation, but the next downturn in Texas is going to hurt.

There are other ways to fund your investments than traditional loans.there is a podcast from bigger pockets that's I absolutely recommend.https://www.biggerpockets.com/renewsblog/biggerpockets-podcast-235-find-fund-real-estate-deals-anson-young/

It looks at your initial cash investment and compare it to cash received at specific time.

When looking for hard money lenders I would suggest to do your research, and definitely compare their rates and terms to others.

One of the big take aways i had from last quarter is that unless your really doing things in volume, for the most part traditional ways of marketing seem to be ineffective.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.