Here are the details on the propertyJanesville, WI4 unit; 1b/1b eachAsking Price: $100k (Also assessed at 100k)Rent: $2300 totalLandlord Costs (Gas, Water, lawn/snow): $303PITI: $832 (after Refi with loan value 98k)Vac, Maint, CapEx, Mgmt: (8,10,8,8) $782Repairs: 17 yrs SMOKE DAMAGE; new roof; new windows; Kitchen updating - Estimated: $25kMy only comp is another seller with 4 unit; 3 units with 1 bed, 1 bath; 1 efficiency; who said they were putting on market for $160k (though assessed at $115k).

Title is a concept, it isnt a physical thing

I wouldn't call them hot markets unless you're physically here on the ground.

That process was traumatizing and ended with a badly damaged house.

If this is still the case, then for a multi-plex property, all the rehab funds from the 203k must be spent on the unit you will physically occupy.  

You should not get too much competition from the typical first time home buyers because they get scared away by the large initial repair bill, evidence of water damage or mold, missing appliances, broken stuff, non-home-warrantied HVAC units, etc..

My opinion: do the least amount of physical work possible (leave that to others with that expertise), hire good land planner/architect/civil engineer team and you do the design/land planning (find out what lot size is best from builder/brokers), get the subdivision map approved (that's the document approved by local city/municipality that approves the single lot be divided into many smaller lots), sell the land+map to builder.

I had a similar situation where the tenant damaged the carpet but we replaced with a slightly more expensive vinyl plank (we had pretty cheap carpet in).  

It seems the owner is an investor that just wants to be rid of the property.The damage is fairly extensive, and obviously I'm going to have a large rehab budget on this, but there's room for profit: the listing price is about $90,000 below local comps that are sold as-is, and $120,000 below improved properties in the area.Trying to figure out how to post pics from the mobile app.

Combine OK's 8% + vacancy in one of the hottest rental markets nationally in the last 30 years,  its notoriety for storm damage there's likely lower hanging fruit in other markets.