You need to provide a lot more information to evaluate this deal.

Greetings, BP Team.I am putting the puzzle pieces together in order to get ready for my first project, and ask that Houston-area investors reach out to me with the names of trusted contractors.Specifically, I am in need of a general contractor that:1. provides estimates of rehab works that come reasonably close to actuals (firm bids would be a plus),2. is able and willing to do cosmetic work as well as studs-deep rehabs,3. has a dependable crew(s) and is known to hit targeted completion dates,4. is knowledgeable of Houston / Harris County permitting and inspection requirements.As this will be the first of a long line of profitable projects, I really appreciate your referrals and any other recommendations that you could lend me.Thanks in advance!

I'd also suggest running some for-rent ads, to see what type of response you get.It's notoriously difficult to accurately predict ARV on these types of properties, because they're so niche, and the market for them is usually completely different than the market for more standard properties...For instance, a lot of lenders won't provide a mortgage on a property for less than $100k--and if that's the case in your area, that would mean that the only potential buyers for the property are cash buyers, which makes selling the property more difficult.  

Getting into the neighborhoods on the outskirts of these areas certainly provides some great opportunities.

If you're not satisfied, you can cancel the contract.I highly recommend doing this, as it provides an easy out. 

@Michael LeBlanc, it's 100% unnecessary to open an LLC on a house hack.If you want protection, ask your home insurance provider about an umbrella policy.

If the seller provides access to management and you understand the risks (credit losses from slow/no pay tenants, major repairs on move-out, etc) tied to that high cap rate then go for it.  

While I don't know your personal capabilities or background, the objective should not be to merely purchase real estate, it should be to execute on an opportunity where you do right by your capital providers. 

Also, most of the phone numbers provided with the Seller's info are not accurate.

Local credit unions or banks could provide funding that is more suited to your requirements and have a greater grasp of the community.Understand the local construction codes, zoning laws, and any other rules that can affect your ability to make improvements or rent out the property.Make sure your escape plan is well-defined.