I run a consulting business that makes my money but by nature has no passive to residual income component - thats a whole other discussion ;).

You are running a risk of the cesspool failing, and having to pay environmental costs and fees, and pay to replace the cesspool with a septic tank, so looking at potentially a $20k cost.

As you mentioned the missing component is often the application part.

I use the Jake & Gino analyzer and its great. there are other components that come with it like REO, Net worth and videos that guyed you through how to use it. 

Investing out of state can be lucrative BUT there are various components you must factor if you are to choose this type of investing. 

Monthly cash flow is only one component of profit in real estate investing. 

This is based on the estimated value "icomps.com" gives the properties but when I run a comp on each of the houses based on #BD/BA, Sqft, Age, and sold dates the comps I get are not much different.My problem is this is my first real deal (although I have 2 other much simpler deals I am working one right now in my city) it complex in that some much work needs to be done and the low value of the properties.

Great location 'technically' but a crazy environmental issue right next door. 

In North Carolina, you will need your broker's license to perform property management services.Key components of property management (leasing and renting) are considered real estate activities under existing North Carolina real estate licensing laws.

You will most likely need an environmental report, and the appraisal is going to be more costly too.The larger title companies like First American and Fidelity have rate calculators that can give you an idea of closing costs, but I'm not sure if they support commercial properties.