It you analyzed the property correctly and it makes money in a good area why wouldn't you buy it? 

Every situation is different and we would probably need to analyze a lot more numbers to get to the real bottom line of answering the "should I do this?"

2) what is the best way(s) (or major things to consider) to analyze an out of state Rental market?

"HOW to FIND, Analyze & Fiance Deals" maybe it was sent to newbies!

Here's the link to the BP MFH or SFH Deal Analyzer.

First question, Is this along the right track to find and analyze if a property is a potential deal?

I am glad I came across the 2% rule on BP before I bought anything.Operating in a market where I have (not so much now) access to properties that meet the 2% rule provided a good baseline to quickly analyze a deal.

There are sold comps in the area as high as 1.7mil,As far as the Repair budget it could potentially get a bit higher however i believe i could get it done for 150,000Account Closed can you explain in further detail the way you ran your numbers i would like to learn more about how you analyzed these numbers to get the 5%

Keep looking at deals, keep analyzing them, even if you don't plan on making an offer.  

You may wanna check on various podcasts and forum posts, they've been instrumental in a lot of the ways I analyze deals.Best~Lydia