There sounds be a non-payment clause in your land contract that dictates how you proceed.  

Nicer places in nicer areas are great, easier to rent, and usually less work to maintain but if your just going to break even on a 30year note its not really worth it in my opinion unless your in an area where you expect to see a lot of future appreciation which is always speculative at best and even more so on a multifamily where the income will always dictate the selling price. 

In our community we have seen a substantial increase in population - supply and demand dictate that our rent just keep going up (and up...and up..) 

In the end - the numbers will dictate if something is a good investment.  

Your desires and spreadsheets numbers don't dictate the cost of the work, the cost of the work dictates your spreadsheet numbers.

All of these factors dictate pricing and help you understand whether or not you have a good deal.

@Daniel SistoA couple factors will dictate the amount you can take out.  

The lease should dictate the price they pay, NOT what they say they pay.

Your state realtor's contract usually dictates normal seller costs to the seller, normal buyer costs to the buyer, etc.

But as I state you want to talk to the agencies that dictate your permits, and then a civil that has platted property in the area for many years they will know most of this stuff its their business.