Plenty of people on here have tried to offer helpful responses, I'm not sure what you are looking for in terms of BP members finding you a solution to a problem we can't even seem to really concisely identify...

I'm especially trying to better understand the math behind identifying a profitable property. 

I'm reflecting back on a situation that happened over the last several days and trying to ensure that I properly identify the lessons learned.  

We identified the 20 things that hold people back from getting started with real estate investing - then busted through the fears with easy solutions.

@Nate Pummel You still didn't identify how you calculate your "cash flow".

Visit your local REIs and identify  a handful to get involved with over time the seeds you plant and nurture in these environments should bear fruit. 

Personally, when I'm in a new place I make a mental note of landmarks and street intersections, then cross reference with a road map/aerial photos to help identify.

That and actually walking through a property to identify rehab costs.

But you need to have a separate budget item for major repairs.Property identifying and budgeting for major repairs is the real trick when planning for a full gut rehab.  

You can identify the two highest retail price ranges, in greatest demand, per zip code where you can list the rehabbed property.You can use the Realtor to help you find deals and also use Wholesalers.