Do your due diligence and find out their bottom line (what they currently owe, how many years have they enjoyed living there, what improvements they have made).

Welcome to biggerpockets FYI : multi-family inventory is currently low in Wisconsin

There is a real estate investor buying rehabs in San Antonio TX with private first mortgages, with no due on sale clausesThen selling the homes without improving them on wrap around mortgagesWrap buyers are owner occupants RMLOs are used to underwrite the wrap buyersIf you sell on wraps with RMLOs it is my understanding of Dodd Frank there is no limit on the number of deals you can do.

But because there is less foreclosure inventory than before and deals are getting picked over, there is much less opportunity with HomePath today that there was a few years back.

My first step would be to get on the phone with each of the utilities and see what is even feasible.Quite often you are limited by infrastructure and those limitations will cost you to improve them.

Inventory is really low right now, not helping new investors.  

I'm partial to lower CAP rate properties that have room for some improvement (such as this one).  

Remember in school when we were told "make your theme specific" - - Market Analysis needs to be specific too, otherwise generalities are not very useful.Things that may be useful in REI include Market Analysis of ___local job growthlocal demographicslocal crime ratesSFR sales, inventory, prices and days on the marketMFU sales, inventory, prices and days on the marketlocal portfolio lendersaccess to shopping

I could put 25% down, but would like to try for 20% to ensure i have plenty of money for improvements, reserves, etc. 

The inventory right now is kind of low so I would not be in a hurry.