I'd do your due diligence to understand if there are parking or use restrictions here that might make backfilling the office space more difficult in the future.- So I understand correctly that you will "cash flow" or profit $80K a year? 

Are there restrictions for what you can do on it?

Many HOAs for prohibit or otherwise restrict STR.

Default by TenantTenant will be in default (Default) if: (i) Tenant fails to pay any Monthly Rent by 7 days after Monthly Rent is due and does not cure the failure within 7 days of receiving written notice from Landlord; (ii) Tenant fails to pay any Additional Rent by 7 days after the Additional Rent is due and does not cure the failure within 7 days of receiving written notice from Landlord or; (iii) Tenant fails to comply with any other obligation or restriction in this Lease and does not cure the failure within 7 days of receiving written notice from Landlord.

@Mimi PerezThe restrictive HOA will limit your future options and continue to be an expense.

If you're planning to buy and hold, then you'll have to check with the city and/or county to see what restrictions (if any) exist for that piece of land.

Unfortunately, our HOA’s trying to enforce STR restrictions so we’ll see how that goes.

Some of the HOAs have become very restrictive against investors.

@Samuel Olivas MSHDA loans have income limits and believe area restrictions also.

The area is geographically restricted and naturally prevents urban sprawl like in other markets.