I am concerned that the local market will not support long-term rentals as I do not see any listed that are comparable size and bed/bath count.

I have a varied background that includes accounting, (small) real estate development, and (residential) construction. 

While I have not encountered this, and know there are very odd requirements placed on property owners looking to develop land, this feels a little off given there are other property owners on the road and life-safety access tends to be the top most requirement in all roadways.

NOI you will only be able to get from the offering memorandum provided by the listing agent. it may be missing some info that you would ask the listing agent for. hope this helps!

The house is a probate and could list after repairs for 225k-250k. 

I listed the house myself but had a broker facilitate it for $1000

There's a number of large developments in the works that will continue to reshape the University City and Center City neighborhoods.

if your BUYER's agent suggested someone i would probably take that suggestion. if the listing agent suggested someone i wouldn't be so sure.

Could you partner with a developer to make a subdivision?

After going through that book and the notes, you'll be 90% smarter than most investors in your area.Next, make a spreadsheet with a list of problems you could face, then rank them based on which ones you are most likely to face next.