Shore of Boston where this house is) to the work to find other deals with higher potential upside in other markets.Also, timing wise - starting to weigh the risk of 1031's getting killed in next round of tax laws? 

I already have an agent, and am waiting to get pre-approval till I settle on my method of approach, but the round numbers I'm looking at for an FHA loan are ~$55k deposit plus closing costs (%8) for a ~$700k loan.

I plan on walking the property with a contractor before placing an offer with the intent of scoping out the needed work on electrical, plumbing, roofing, and the foundation, which would be the big ticket items, along with all other work.

✓Second Home Requirementsmust be occupied by the borrower for some portion of the yearis restricted to one-unit dwellingsmust be suitable for year-round occupancythe borrower must have exclusive control over the propertymust not be rental property or a timeshare arrangement1cannot be subject to any agreements that give a management firm control over the occupancy of the propertyhttps://selling-guide.fanniema...

Looking for something with some year round demand though I realize there were be higher demand periods no doubt.  

After much back and forth, Congress has approved the next round of stimulus relief for COVID-19.

Austin-Round Rock metro prices increased 19.7% from November 2019-November 2020 (the most recent data ABOR has released).

One problem is this would only work on the first round so he does not come in high with initial estimates and then works the cost bonus.  

Seems like you got the answer to your question and have a very well rounded assessment of your realtor's motivation/ethics.  

You can also influence people with comments such as, "I sure can't wait until this pandemic is over and life can go back to normal, I missed some great concerts last summer and have my fingers crossed that none of the musicians I am holding tickets for drop dead before I can see them!"