What metrics does one look at to determine if a property is a deal?

Of course, you need to have the correct insurance for your situation.Again, consult with some qualified professionals to determine what works best for you. 

Go talk to realtors, analyze 100 deals off the MLS,talk to PMs about maintenance costs you can definitely get upto speed quickly and find a decent deal if your determined.

To determine magnitude of risk you also need to see how was the borrower qualified for the loan, did they put a down payment, is the loan greater than the value of the property, do they use a 3rd party servicer or who services the note.

Just determination.

I have 5 years of home improvement construction experience, so determining whether to write an address down came naturally to me.

It's not just the physical condition you see that determines value.

If anybody has any experience with 203k loans and could help me in determining if these are fair terms I would appreciate it.

doesn't matter to anyone as long as the closing company has other documentation to explain what and why if they were ever audited, but thats on them to determine, not you to worry about.

Is there a website that provides updated location information such as population growth, average median home sales, rental capacity, etc.. like a one stop shop of data to analyze and determine what is a possible doable area to invest in?