Without accounting for management fees (I have not yet decided if I will try to self manage), and with planning to raise rents to typical market of $825 for each of the smaller units, and $1200 for the larger unit, does this seem like a worthy first investment? 

Typically it’s a secondary use meaning the land must have a primary use (like a home on it).

The Numbers:Cash Flow Analysis: Investors typically look for properties that will generate positive cash flow—meaning the income from rent covers the property’s expenses (mortgage, taxes, maintenance, etc.) and then some.

The spacious primary suite features a private full bath with double vanity, while the flexible layout provides options for bedrooms, an office, or hobby spaces.

And while a 1031 exchange isn’t an option, some people explore alternatives like installment sales to spread out taxes or even tweaking the investment structure so your returns are treated as interest instead of equity.There are definitely some creative strategies out there. 

IF so then Furnish Finders might be an option for Mid-Term rental.  

The typical 2-4 unit I represent buyers on we are able to increase rents 40-100% especially in gentrified areas.

Then ask them what your options are to reduce payments in the future.

For example, if the typical rent per unit is $1,500 (3bd 2ba), my landlord at the time would have one unit with three rooms and four people within the unit (one person per room and one room with two people), each paying around $500.

You’re in a solid position with this property, and it’s smart to weigh your options carefully.