The 2 remaining months rent will be used for her final 2 months (Jan-Feb).

However, until you can verify the current owners expenses to justify anything less it is prudent to remain conservative in your analysis.  

Today, there remains an opportunity to buy and generate good rental income here, as it’s undervalued compared to other historic areas such as Palmer Woods, Sherwood Forest, University District, Corktown, Indian Village and West Village, where many people are priced out, or where rents don’t justify prices.Along with Midtown and downtown expansion areas, East English Village is on the high end for investment properties, with a bright future.

Since most lenders in an area will remain cost competitive, a percent or point one way or another is unlikely to sway someone doing many deals at once.

And upon inspection, the carpets in the bedrooms remain very clean.

Then you can concentrate on the remaining candidates and use a finer filter.

-At Closing, I will get a loan for the cost of the purchase and the cost of rehab, the latter remaining at the bank.  

After that, I was going to use a large portion of the remaining (~$130K) toward the cash purchase of a cheap place I can rent in another city, hence the original post. 

As long is it remains cosmetic and doesn't get into systems replacement, it shouldn't be overly fancy or ridiculously expensive.

On top of the points above, a 30 year loan is a hedge against inflation.