Residential single family dwellings will always be viewed with greater weight given to the market approach, always, that is because the market is the best indicator of value due to more activity in the market.

@Rodney MarcantelYou didn't indicate your basis in the property so the income tax exclusion for selling your principal residence may or may not be a big dealSaying that, I would still lean toward selling the property as the $2000-2400 cash flow you indicated can easily be replaced for much less than $400,000I am also answering this from the perspective that your personal residence is not personal however your wife and family may feel otherwise !

I keep reading forums that indicate you need a pretty deep knowledge space and it's not a good area for newbies and there are so many pitfalls... and and and... 

Just because a house is free & clear doesn't indicate motivation and it definitely isn't a higher probability of a deal.

Certain states mandate that this delinquency list must be filed or recorded in the office of the county clerk, and statutes may indicate specifically the newspapers in which the list is to be published.NoticeThe purpose of a notice of a tax sale is to warn the owner of the property that it will be sold and to furnish information to prospective buyers.

If you see a deed of release with that same mortgage company later on down the line, that indicates that the mortgage company no longer has a lien against the house.  

The last sentence seems to indicate that anyone doing a flip, as an owner, needs to be registered as a "Contractor". 

I think it is more indicative of the deal and I think that is what Chaz is getting at. 

The downside of an oil town is that a major change in the price of oil can alter these indicators in an instant.  

Schools are important...they don't have to be top notch but they are a good indicator of the quality of the neighborhoods.