They get listed occasionally for 200k/fourplex but they go extremely quick since the geographic area is so good

It doesn't work for you just because the number is high...as you can see.However, cash flow is usable, and by its description and source, it is replaceable. 

You want to be as detailed and descriptive as you can reasonably afford to be, for the type and size of job you are doing.

@Grant Schroeder may be able to shed more light on this, but I know that FHA has rules about geographical locations of properties using another FHA product (google 100 mile FHA rule), and typically they want to see 12 months of occupation and at least 9 months seasoning before refinancing.

@Jared ComeauIt's like saying "typical rehab is $40k" without seeing the size and condition of the property and adding in factors like the geographical location and the contractor's operation.

You need to consult an accountant to get the best description of the situation, but the seller will get more money over time, and pay less in taxes than if they were to sell it to you 'the convention way'

I am looking at purchasing another one of these properties which fits the description above.

That is something only a local surveyor can help with based on the physical location of existing monumentation, occupation by durable improvements and legal descriptions of adjacent parcels. 

Do you think there would be a market if I was to owner finance a property in that geographical area?

As always, I’ll post the graphs and give a brief description of what I am seeing.