Obviously Charlotte is the major metro but to your point it’s hyper competitive.

The property I was going to flip does need more than just a roof but the roof was the only major expense I could see without the inspection.

Secondly we are about to move, and I'm considering a house that would need a more major rehab than we have ever undertaken in the normal course of life.

The house needs some major cosmetic rehabbing--and seemingly more than most of the surrounding neighbors, so who knows about the unseen. 

Understanding market conditions is key, and getting to know the little things that have huge value influences, now if you have a cookie cutter home with plenty of sales it pretty easy, but if its an oddball with little market activity, it can be kind of a crap shoot, go with your gut and be conservative on the numbers, its way better to be off on the low side than way over valuing. good luck!

Besides lost rent, you got to re-paint, re-carpet sometimes, and major fix-up if the tenant is a slob.

Trusting others when you don't know your own business is usually a major mistake, especially in the legal syatem.

Go into a major that gives you a good ROI on money AND time.

Is there a major employer in the area? 

I've called the major companies (Remax, etc) and everyone is marketing to those wanting ready-to-move in places.