The best way to determine the value of a house in a certain location is to compare it to the price of recently-sold similar houses in the immediate area. 

You can probably pay the same or less than what you're paying in Astoria if you house-hack a duplex.The only way I'd suggest a SFR as a first investment is if it has a live-in basement that you'd be willing to live in short-term.As far as location, its best to first get an idea of what you're qualified to purchase.

I'm pretty sure that Zeona McIntyre (BP Podcast ep. 229, https://www.zeonamcintyre.com/) will manage properties regardless of location.

A basement may be used for habitable rooms or a dwelling unit, regardless of the depth of the floor below grade, if the floors and walls are impervious to leakage of underground and surface water and are protected from dampness, and if the required minimum window area is located entirely above the finished elevation of the grade adjoining the basement wall in which the windows are located.

Ideally you offer 2 or 3 yrs depending on your circumstances with an option to have a one time 6 or 12 month extension.

It's all about location.

Are you located in the Kansas City area?

Everything is dependent on how extensive the damage is and whether or not it is structural.  

I have been interested in buy and hold properties for some time now, but have been reluctant due to the feeling of not being in a stable location. 

Did you ever locate one?