Other details: The home is less than a 5 minute walking distance from the train station (<40 min to NYC); the neighborhood is what I'd estimate a Class B+; the home (from pictures) seems to be in OK condition but may require some touchupI understand this is an owner occupant deal since I'm using an FHA loan, however I just want to run the numbers assuming it is fully rented out so I can judge based on its cash flow merits.Finally, if this is a good deal and I should pursue it, how exactly do I get it?

The book(s) are worse than j.ust out of touch with current regs, they are dangerous to the financial health of the newbie who assumes the books are current viable business models.Proceed at your own risk.  

A 203k loan may need to be used to get the place into a condition to attract a better class of tenant.  

It definitely has value above and beyond the tax bill, and I had a friend in that area drive by and verify the condition of the property and that it's occupied. 

It is a 31 site park that sits on approx 2 acres and is in pristine condition.

Recently I've been considering purchasing $20k-50k homes that are in good condition and tenant-occupied, so my question is, does anybody have any tips for a first-time out-of-state investor?

Whenever you go to a doctor, of any kind, for any condition, he will follow the three-part sequence of examination, diagnosis and prescription.Unfortunately, most new investors do it backwards.

The interiors are frequently in worse shape than the exterior, and BPO agents make the assumption that interior is the similar condition as exterior. 

Just by driving around what if the condition of the house is worse from the inside than out.

The obnoxious building inspector was a different story.A similar home to my daughters in original 1980's condition just sold for $75K more than what we paid so the equity is there for her.