Somehow the academians once set it without realizing home prices have both tail ends which can shift median (i.e. mid-point) left or right especially there are huge estates or small sized home in a small community that can distort the comparison.

It looks like the houses there are much newer 1990-2000 vs East coast market like Indy or Kansas.Yes, cash flow is lower but I bet appreciation will be higher for newer houses.What do you think?

If you're looking for properties around 50-60k in NWI in decent neighborhoods your best bet is the south side of Hammond or lake station.

So my ARV takes into account the difference in neighborhood this is a 6 bed 3 bath home with 14k square feet of land 2800 square feet is the house size and is easily the biggest property in the neighborhood

I've written about HOA's and COA's before and their dislike for Real Estate Investors.As I previously stated every large group or organization has lobbyist representing them.Being Real Estate Investor's we have a large amount of capital invested if totaled would probably equal the size of a Mid Cap company but we have NO representation. 

I'm sure there is some bearing into the size of the lot but I want to know how much it will affect it.

I'm willing to make a bet with you now that you will regret for buying this deal within the next 5 years.  

I bet less than 10 houses in a mile radius has central. http://www.sears.com/search=heating%20and%20coolin...

So you come across potential flippers/buyers all the time I bet?

Your best bet is to call local property management companies (your competition) and ask what they charge.