I've known a few people who have lived in Indy and my non-REI employer has a major division in Indy. 

But apparently the majority of this building is already sold out, with over 50% of the units being investors.I sent an email to the agent that had taken us through the presentation - and she agreed the numbers were likely accurate but I should be looking at this with a "long term view of the price appreciation and someone paying the majority of my rent".I'm wondering what the consensus is on 1 bedroom condos for renting, and the idea of negative cash flow? 

*fingers crossed*So I've been doing A LOT of  online window shopping and my search brought me to an auction property that needed a bit of work.

Can I obtain the list online?

If it was major work (i.e. re-roof, exterior painting, parking lot resurfacing, etc), I'd notify them as a courtesy. 

I'm also thinking about storing lease documents on the website and creating a way for tenants to submit help request online.  

If I were you, id high ball everything , sounds like major damage to this house     maybe shoot for 60k rehab, high points on the hard money..... even if you buy cash at 30k +60k + hard money fees + closing costs ... you might be able to squeeze a 10 percent return out ..... if you have good contacts id say maybe It could work ... if you have only done this a couple times , maybe pass on this for something with a quicker turnaround time 

I would say that your going to want at least $10,000 in reserve in case you have to make a major repair, have to pay the mortgage if not all the rooms get rented, and expenses you didn't account for. 

Selling for 41k through online HUD portal. 

You should reach out to an agent to let you know what he expects rent to be or look online and see what similar properties are renting for.