You'll get a lot of insider knowledge that will help you determine the ideal area for your eventual rentals.

So if FTW is top pick of 4 sites, what are the odds it will come?

They will receive case management from the agency which will include assisting them find another place and/or determining if they can continue to live independently. 

You need to be able to look at a property and determine what it would cost to renovate and what it would sell for after renovations, then you can determine if the purchase price is a good deal.

Have you talked to a local agent to determine the current value or are you basing the $95k estimate of Zillow alone?  

I note that you asked specifically about “cash-flows”, which has multiple components each treated differently for tax purposes.In general, you can start with NOI, next you have debt service and cap ex, which can get you to cash-flows.The interest portion of your debt service is tax deductible (possible subject to limitations) and the principal portion is not because you get basis in the asset for the loan principal, which generates a depreciation deduction.Similarly, cap ex is generally not deductible currently but the expenditure is capitalized and depreciated, similar to the initial basis in the asset.In summary, you have cash and non-cash tax items that cause your taxable income to differ from your cash-flows and taxable income * tax rate determines your tax liability.

Pick up the phone when it rings.

Getting answers to those questions will determine the amount of capital reserves you'll need to bring in addition to the down payment, but I'd guess at a minimum you'll need $15k, which drop your returns to the single digits until you can increase rents.I'm not 100% sure of the legality of the county's laws regarding sun setting lots, but you could reach out to the state's manufactured housing association and potentially get the two lots back if you agree to infill them with new units. 

A really good rule of thumb is $20-25 a square foot for rehab, then add costs for roofs, 3-5k, hvac 3-3.5 k, blow pipes, 1,500-2,000, foundation 1-30k (harder to determine when starting, but you can have guys give bids).

As far as a contractor who won’t give you an itemized rehab list, I wouldn’t pick them... you want an itemized list because in a house that old everything that can go wrong will and you will want to replace everything the first time!