Managing a Parking Lot

[James Parrish]

For a while now I've been looking at a small lot that is zoned residential but is being used for less than a dozen parking spaces.  The property is in a neighboring state, in a smaller city which is certainly marginal but by most measures seem to be on the rise.  I can't afford much but this is perfectly in my price range if I can get some rental income to earn back the investment over time.  And that begins the first question of how to manage the parking as someone who can't be there often.

There is also the possibility that maybe, I'd forecast still years away, that the property could be redeveloped for a rowhouse like many of the neighboring properties.  On the other hand this property is also enticing as an investment since its neighbor to the other side is a larger commercial building purchased about a year ago by the same developer which has invested millions into new residential developments in the city.

Please advise if this might be better suited for a different area of discussion and thank for any advice!