Now show me another deal to throw this capital back in. 

Flights can be incredibly cheap if timed correctly and they can be expensed as well, so in my mind, there is no excuse not to visit a property periodically (in the realm of once every year or two, or as necessary).

Just wanted to know if the quality of homes that are listed online are good investments, or is everything that's cheap in really rough neighborhoods.. 

I have found a cheap house I can pay for in cash but the land is leased.

Way cheaper, no legal issues, more respect and there is a decent chunk of cheap or free training out there from the mega brokerages.

I am sure somebody would do so, but I would imagine it would not be cheap."

Essentially the houses in my area are "too cheap" but if I spend more on a "nicer" house in the 65-85k range, there is no money to be made.

My "claim-to-fame" is to "buy cheap and sell quickly, ...below market"!

Auburn is more expensive than some areas of Alabama but compared to Northern NV it is cheap in my opinion.  

Cap rate won't matter.Hopefully you have a relationship with an agent in the local market who can help you find comps; especially if the agent knows you plan more / future investing in the market and could throw more business their way.2 years is plenty of time.DISCLAIMER: I am not an investor so take my inexperienced advice for what it's worth.