I am from the Twin Cities and lack a lot of knowledge of the area, fair market rent, major employers of the area (if any) and etc.. 

Property needed major water damage repair inside (luckily is was very recent and white water), had I known,  and it would have cut the purchase price down to 60%MV.

@George Torres From the little I know that Rams thing is not just Rams, it also includes NFL, Espn offices/studios, major sports brands, other media outlets, perhaps 2nd team, year round events, concerts, etc...the dude just spent another couple hundred million in the Valley too. 

The future that I've always known to be mine starts to be fulfilled now, and I hope to find the majority if not all of the answers to many of the questions that have held me back thus far here with the minds of the experienced and successful.Here's to the beginning!!!

If the numbers turn out to be accurate and there's no other major repairs or expenses I'd recommend two things: 1.

I have called three major insurance providers and each has an endorsement / rider for sinkhole damage for owner occupied houses, but none of them offer a similar endorsement for the rental property (DP3, fire, or landlord policy). 

Hammer home that the banks universally are rejecting this property (not you) on the basis of whatever their major complaint is about it

It is doubtful there is any bank that will lend you 100% of the funds on an inhabitable home (ie needing major renovations) UNLESS you have a great and longstanding business relationship with them and a portfolio loan or line of credit. 

@S Crossland I do agree that keeping turnover to a minimum should be a major objective and if keeping rents below market is the means to achieve it then so be it.

No major industry as come in and helped to resurrect the economy.