Property values may be low but rents are also low and people are buying some pretty tough properties at high valuations right now.

yes, I am looking for rental properties  for long term.I am also thinking like now-a-days properties are all time high, interest rates also not that much low...Should I go ahead or just do private lending for couple of years..until market come down.

First, based upon the size of the house, almost 3,800 sft, I would guess your rehab estimate is low. 

If you are flipping at the top of the market and the property is between 1000-1500 SQFT, retail construction in our area would be anywhere from 35k on the very low end to 60k pending where it is located. 

Work on building systems that will allow you to scale by having other people take over the low value tasks that you're having to do now.2.

If you do it now, you'll lock in a low rate for as long as you have the loan. 

A house hack or live in flip are both low barrier to entry options to get your first deal under your belt 😎

In order to get the ARV, what if the only comps you find all needed work to be done and all of them were in a bad condition so they sold at a low price, then how do you figure out the ARV of your property?

Instead  of the term "first time home buyer" it is more so "low money down loan" meaning you can mortgage property with little or no money down if you plan to owner occupy it.  

That's way too much unless you basically re-build the whole thing.Second, even with a basement unit, the cap is way too low for 1.3M, especially you are putting 480K cash in reno.