FHA 203(k) loans are not  available to investors.Rates are going to be slightly higher on renovation loans, but still very reasonable.Homestyle has a rule that the repairs cannot be more than 50% of the as-completed value of the property, so when you're working with these really low priced properties you have to make sure the numbers work.  

For example, this property sat on the market for over 120 days, with over 35 showings and one low ball offer.  

@Atwan Kwan I think the first step is a detailed maintenance inspection.

Snow removal is $500.Water and sewer are $88/mo (this seems low to me?)

My parents keep rents low and are "patient" with renters in order to avoid the hassle of people moving in and out--older people like security, I guess.  

Would be great to clear some capital if you had a good exit strategy there, but you might be able to get going on the primary goal even faster if you could go with a low money down approach like an FHA Loan or House Hack.  

I'm trying to figure out if I should just get my Indiana license (I am licensed in TN), since it seems the low cost/commissions keep realtors from spending any time, which is somewhat understandable.

Inventory is still very low.

Also, through my research I am learning that many banks/ lenders offer low Money down options very similar to FHA and PMI terminates after 20% equity is gained; which is awesome. 

We are going to reach out to the power company to get records on 12 month high & lows to get an idea of annual electricity costs.