You will always get more cash flow in a 30yr loan so I don’t think they can be compared to 15yr mortgages equally.

So the value will come from the CAP rate or comparable sales that recently occurred. 

@Jim Brandt , Unfortunately, a house that is in your name and used for personal purposes for more than 14 days during the year, or more than 10% of the number of rental days if greater, is considered to be a residence (not a primary residence).You are deemed to have used a property for personal purposes when it is used by: Anyone who rents the property for a price that is less than fair rental value.So the house will not qualify for rental property or investment property. 

@Tami Olsen As is condition is not a problem for purchase contract for  the purpose of financing.

Appraisal reports are kind of interesting: Comparative sales, city reports, neighborhood reports, project P&L -130 pages of information on this one property.Put utilities into my name, require going into provide company information, slow lines and a few deposits all done.Closing: Signed a million pieces of paper infront of a room full of people.

Would love to compare notes if you are willing?

Also, the rental market seems a little slow and not quite as high in rent as compared to Saint Louis.

The property taxes can be brutal but compared to a high(er) state income tax state, you’ll likely come out ahead.

My purpose of this step is determining all the damages and cost of rehab.

Also, the rental market seems a little slow and not quite as high in rent as compared to Saint Louis.