If properties outside the flood zones can also flood, I'm just trying to figure out how to assess the various risks. 

Hi Adrian,I agree with you on properly assessing the rehab and establishing a realistic budget to do it right. 

I've put in about a dozen offers or so, and have been outbid every time. 

Enter in the parcel number or name on the deed and see what information they provide you such as assessed value, last sale, size, zoning, etc.You could also call the Planning & Zoning or Building Dept. and see what the allowable uses are for that property's zoning designation.

Also be sure to run your address in rentometer.com or use other comps to make your own assessment about what you will be able to get in rents going forward.  

If you are determined to be your own project manager and deal with all the contractors and construction scheduling yourself,I wouldn't be more than 1 hour away because you are going to go there 3 or 4 days a week to check up on their progress and deal with all the dozens of difficult decisions you have to make.Its a ton of work,not the fun hobby to many newbees think it is going to be.

Any current or planned special assessments?

We have dozens of property management companies that will range in price from 10% to 30% and have as wide an array of occupancy/profit and quality of management.

He is first on the list to NOT get renewed - lolhmm;  Hoping he's perpetually late, and not just random and intermittently, as you could smile, issue the notice of late fee assessment and move on.  

It's borderline unethical thought.If it's a 3 or 4 bedroom in a good area in the 400-600k range expect at least a dozen offers and at least a couple people to waive inspection.