I actually learned about expected value in my past professional life as a control systems engineer designing Extended Kalman Filters (you can google it if you like), not blackjack ... 2 vastly different paths that lead to the same exact conclusion :). 

You do run the risk of the deal falling through and then you're in the boat of having a house to sell that was designed and built out to someone else's spec's. 

If you're comfortable with college rentals, I think it's a good idea. 

A good appraiser is your friend - look for MAI or SRA designations or education from the appraisal institute.

Right now, you need rehabbers, but you also need to find those who are interested in these specific areas and how much rehab they are comfortable with.

I probably couldn't have comfortably lived in this neighborhood 5 years ago.

He/She may not feel comfortable with the price/location/or time of year and will want to make sure they can get it rented out in a proper manner for you.

It really depends on your comfort level risk wise.

still have some friends in Montreal, most of whom are involved in IT or Web design.  

Tub was cracked due to not being supported. 2) No access panel required by code for the pump, the pump was in the rear of the tub buried under the tub deck. 3) No thermostatic anti-scaled mixing valve required by code for the roman tub filler 4) No dedicated circuit for the pump required by the manufacturer, the electrical for the tub was piggy backed on the vanity lights 5) no GFCI protection on the tub as required by code  6) no grounding of the tub motor as required by code 7) ABS drain glued to PVC drain pipe with ABS glue 8) the tub valve connections  uried with no access were IPS threaded stainless steel flexible water lines instead of hard sweated copper connections, (lost count on all the shark bites they used, they must buy them in bulk) 9) all the tile was tiled directly on the plywood of the tub deck, no underlayment to prevent the tile from being popped and the grout cracking from moisture getting to the plywood...the list goes on and on.. oh and the tub filler valve was located on the back side of the tub, not a code violation but certainly not user friendly for somebody to have to climb basically into the tub or over it to turn the water on, but that's minor in the scope of all the code violations and poor workmanship, that's just poor design.