It's in contract at $925K and we're getting LOI flirtations between $1.50 & $1.80 a sq foot with a triple net lease - so $7500 to $9K a month NNN (it's vacant now). 

Would love to start off on the right foot.

I pulled the recent sales from the Clerk of Coutt Office and majority of the recent sales sold between $1-$5 per sq foot.

I had something similar done in San Antonio and the estimates were a lot less.I have heard/seen investors use the "square foot method" and they broke it down as follows:Light rehab = $10 per sq ftMedium rehab = $14 per sq ftHeavy rehab = $21 per sq ftEstimating repairs costs is more art than it is science... plus there is always the potential for finding really serious issues once the rehab has begun.

I know in Charleston were I work.. we survey everything as there ARE encorachments all over the place.. but we are working with infil little 20 to 40 foot side lots with homes built right on the lot lines and usually there are encroachments.. check with the title company. the day you lock it up open escrow and order a title commitment. you want that right away as well.my best guess is this will all be fine. 

Keep in mind that in some places you can shoot yourself in the foot getting an appraisal within 6 months of the purchase.

I ultimately want to get into Buy and Hold long term rentals but see these low priced condos as a way to get my foot in the door. 

My short term goals would to be in wholesales just to get my foot in the door and actually understand everything i need to know about real estate, and grow my sellers and buyers list.

They havn't decided whether to dip their foot in the water with leasing property or to get educated and go all-in with a mortgage.

As long as you have positive cash flow, it's a good way to get your foot in the door and learn about tenants and other various issues and problems.