It is a back country road with little traffic.

There is one on a major road a ways away from us and on a good day you never smell a thing, on a bad day it smells like you're driving through a field of dog crap after it rained for 1/2 mile. 

Should I let this one go and hope her kids contact me way down the road?

That projects out what will happen if this event or that event happens down the road and what kind of reserves will need to be in place to weather a storm and still come out intact.For national tenants I am okay with blocking of rents to go up every so many years.

Combined with longer manufacturer warranties, it leaves a tough road ahead for anyone working within the flat rate industry, IMO.

Over the phone he was asking for $59,000 for the property and saying all it needs is drywall and kitchen cabinets to get it rolling; and that he has already done the roof, sub floors, windows/doors, framing, electric, and plumbing.The most similar house recently sold, that I've found so far at least, was about a block down the road from it and went for $126k back in August.

So that could lead to problems down the road.

Is it a route that is feasible for a non-investor, someone who just wants to buy a home they can househack and potentially convert to their long-term residence a few years down the road?

Since you are engaged - if you and your SO can survive a live-in flip together - then you know you got a good girl there and can survive about anything together :)     There will be tests, but selling tax-free down the road will be huge for your future and I wish you the best!

Lets start from where we left off...The home inspector came and did an inspection on the house, he found that the electrical was so messed up that raw grid power was going directly from the road into a wall socket and that if someone plugged in the wrong device into that socket it could practically blow up or at least start a serious fire.