Talk to your attorney, and if you dont have one, get one - as @Ken M. said, this is highly specific to the state and the circumstances.

Low cost + high rent/value ratio.My market of Middle TN doesn't have any livable property for that price and the 1% rule isn't very realistic. 

Utilities are OFTEN overlooked so reach out to power, telecom, gas (or go all electric), water, and sewer to make sure you understand what it would take to get separately metered services from the primary house.

All my experiences on Booking.com have been good people at high profit.

Lots of wrong/bad numbers and high email bounce rate.

When Trying to qualify for a traditional loan, lenders usually price your purchasing power at 3x your net income.

Ask yourself: do I really have the knowledge of real estate principles, real estate law and real estate finance; the network of contacts; the experience both in business in general and real estate in particular; the time available; and the analytical ability to compete against FULL TIME EXPERIENCED PROFESSIONALS to be successful in a field where the failure rate is so astronomically high?  

Real estate syndication investing is still quite valuable as it can offer higher Returns than investing in public REITs but not as high returns as direct ownership and management of real estate by some experienced people, but with the benefit of being far more passive, than direct ownership/management. 

If renters find out your utility costs are high, they will expect a lower rent to balance it out.

The high HOA fee is already a factor, so ensure you’re comfortable with the overall carrying costs.Focus on the Land Value: Since the lot has development potential, you’re looking at this as a long-term investment.