Guarantee it's a lower hit to your monthly payment than Freddie Mac's estimate of monthly PMI being roughly $40-$80 per 100,000 of loan amount, per month.Also, many lenders will pay the PMI for you in exchange for a slightly higher interest rate.

For example, I'm seeing properties in your "Okay" neighborhoods costing around $90,000 + $20K (estimated rehab) and renting for $1000. 

Upon doing our own due diligence nothing, and I mean nothing, came in as they estimated.

Interest, taxes, 4% cost to sell the house (instead of 7% bc you will list), insurance, gas, electric, plus at least a 10K oops on rehab estimate     

I know the operating income and can make an estimation on operating costs.

I've ran rough numbers in a rent-buy calculator and my breakeven for when it makes sense to buy is around 2.5 - 4 years (depending on the purchase price, estimated rent payment, etc.). 

This deal is located in NW Indiana numbers are roughly estimated, I am planning to buy my first rental property with FHA loan, live there for one year, then move out and rent it out, Screen shot and Link to the file are attached below.

If you have these things figured out, you should be able to get a decent estimate (by trolling around the internet) for the work in your area, or how much it would cost to DIY it well.

The rent is around $1000 and with our estimation that it may be January or later before a court hearing, we are considering giving a cash for keys offer. 

Estimating a rehab incorrectly for a flip, BRRRR, or rental can kill the deal.