The floor plan was perfect where he could split the home in half, convert the laundry room into a small kitchenette (there's already a drain line for the sink and gas line for a small range) and he can significantly offset his mortgage.

Start by defining your goals and criteria and then identifying the markets that fit you're investment objectives.

Also keep in mind that price attracts people looking in that price range.

Real estate investing clearly requires a wide range of skills to be successful.

I haven't seen anything that is in that range for under 100k in a decent neighborhood.

Kitchen (Install range, Window, Exhaust, Dishwasher, sink)2.

That list of people down the street are those who can throw in legal objections.

@Michael Scorcia rates are still low, in the 4% range but you could call a few local lenders and they could give you some additional information.

I am open to investing anywhere in the US, but I prefer turnkey, single-family homes in the 100-200k range. 

Hoping that the new value will be in the 150k+ range and that number seems very conservative given the value of the other homes in the area and their sale price.