Utilizing Seth's local market expertise, we quickly assessed the property's potential.

If you are planning on buying it with a smaller down payment, that will also increase your mortgage costs as you are borrowing more and also need mortgage insurance.The price of the home (from the seller's perspective) is based on market value and condition, not on whether or not it matches the 1% rule.   

Were you getting others offers when it was market, and how long has It been on market?

The construction cost is estimated to be around $180,000.Buying a Property in the Midwest: Alternatively, I could take the $180,000 and buy a property (or properties) in the Midwest, where the rental market is more affordable.

Specifically, I would appreciate recommendations on the following:What courses, certifications, or degrees should I pursue to gain a strong understanding of the real estate market?

My thought is I buy a multi-fam (off market preferably) and house hack for 2 years then move south.

Many of the most successful (read as: founders that are worth well into the 9 figures, have survived multiple market cycles, etc) syndicators I know started by working in real estate for other companies.  

Once you find a house that you believe would be a good rental, meaning desirable to your target market of customers (people within a couple of mile radius of the place), and all of the costs of monthly ownership that you can accurately project fall below the rental amounts that you project that you can get from your target customers, then you have a possible business asset that you can use to produce income, and have renters pay down the mortgage, while hopefully it goes up in value at least with the rest of the economy. 

Being a forward-thinking investor allows your portfolio to be more resilient in times of economic downturns or market fluctuations.

Or a general rough number for interior painting.I fully understand every market will be different.