I have no experience with what level of rehab they are doing to sell at those prices, what type of tenants they are getting, or their track record for rentals and evictions.

First of all, am I on the right track or should a take another approach due to the uniqueness of the situation?

It seems like every single house is custom built, not track homes like here. 

@Joel Owens- Wise words my friend@Jay Hinrichs  - I have done that a bunch of times but this seller is really hard to track down.

The 10 year treasury tracks the 30 year fixed rate nicely.

As were growing much faster now I need more automation, so were evaluating several other management packages... all of which have electronic rent collection capabilities (and screening, etc.)

I think you are right on track with some of the areas your mentioned, they all offer good things.  

When that first property is performing well, the next one will be easier to acquire because you have strong cash flow and a track record.So my suggestion, use financing to purchase the first one and keep as much of your money in your pocket as possible.

I agree that you should find a new agent since he obviously isn't keeping track of the properties he's shown you.  

This was true in 2007 and it's true now.Credibility is established by a track record and a personal relationship.