Depending on how you're planning on financing the property, also ensure you are protected with some contingency just incase the property is not worth what the seller is asking for in this market.

"High demand area" and "off market deal" are red flags for newbies!

We are almost done rehabbing and ready to put on the market What made you interested in investing in this type of deal?

The property was sitting on the market for about 30 days due to the condition, seasonality (it was December), and smaller size of the property (about 1300 sqft). 

If so that can work in very specific red hot markets.. however experience has dictated to me over the decades that land can take a long time to sell .. many times has to be sold on contract to move it.. or if its cash you have to have the lowest price parcel of any similar ones on the market to move it timely for cash..

We first identify a market of opportunity.

The last market valuation of this property was ~650k.

When you're fully ready for analysis check out the renter analysis tools and don't be afraid to post questions and ask for help, everyone is really supportive :) A good first step and great lending resource (super important in today's market) might be to check in with my lending guide and bestie of 20+ years @Joseph Chiofalo they lend nationwide and he's very patient with newbies and can help craft a workable plan towards portfolio growth.

Meaning that if tragedy happened and the unit was unusable, they'd cover market rent.

You will learn so much from people who know the market and they will also have resources that will be useful to you.As for the properties themselves, it never hurts to start looking.