But in this case, since we will only be needing the property and tearing down the home what do we use to: 1. come up with comps  2. develop my repair estimates.My guess is that I need to find other older properties that have been bought, torn down and turned into multi-property homes in the area...Any help would be greatly appreciated!

The property was built in 1904 so please also check my numbers for repairs.  

They can take it, counter or leave it, they are grown adults.The value that I provide is usually the same value any cash transaction brings...a fast close, less paperwork, no repairs and no contingencies.

I am a Photographer who also does high quality print work and framing for interior design dealers, and the occasional art gallery.

Purchase price was 100k plus 15k in repairs for one and 128k with 1k in repairs for the second. 

I've been considering buying some C class properties around $100,000 or less with minimal repair that would also hopefully be close to the 1% rule. 

While listening to podcast #283 (which you should listen to in case you haven't), Paul mentions that when he wants to buy a house, he sends the homeowner a three-option letter of intent with the following options: Cash offer (percent of what property is worth minus repairs, typically 50% of after repair value, this is the lowest value offer of the three that are given)Owner financing (interest only, this is a higher offer)Owner financing (principal only, no interest, this is the highest offer)Option 1 is easy to understand, the ones I don't know how to apply are 2 and 3.

You can write into the lease that the tenant is responsible for utilities, lawn care and small repairs.

Property is worth, at the very least, 160K after repairs.

The after repair value should surpass what I put into it by about $20k or so.