Does anyone use a population/demographic formula in deciding what those numbers need to be to weigh in on ability to attract quality tenants?

@Naillah Valor Search for the property address on the SDAT Real Property site to determine City or County. 

Note of caution; understand your foreclosure laws, depending on where this is in the process, attempting to pull investor ploys without having the ability to purchase yourself as implied under the contract can land you up against federal law, a lender can clean your clock for interference with an insured depository.In other words, investors who lack the ability and intent to buy themselves as stated in a contract with someone in foreclosure should stay clear of any attempt of trying to pull off anything except a true a cash sale.   

@Jacob Willett with QM loans targeted to FHA or the GSE's you'll run into the ATR rule - ability to repay.

(Keep in mind that building vertical is cheaper then building out) so pay attention to your height restrictions and your ability to possibly dig down a bit too. 

My business partner and I are looking to get into commercial properties after we've completed a few more residential but this is definitely a good thing to hear that there is the ability to close in 30 days.

To answer your question directly, it's unlikely to cash flow right out of the gate unless there are several things working to your advantage (off-market, under-valued, house hack etc).The key will be your ability to hang in there long enough to allow appreciation to do it's thing.

With few rentals nearby I would be concerned about demand in the market and ability to find well qualified tenants.

It is my predicable, sustainable income and my stocks provide the additional comfort and ability to buy luxury items if you will.  

Trying to determine what the best materials are for a rental property.