However, the nearby schools are not that highly rated (5-7) compared to a couple of lesser properties in Elk Grove proper (smaller square footage and fewer bedrooms, worse condition).

I was hoping it was a typo but all nearby homes are in the 11k-14k tax range. 

Have you checked out how many others are in the area, there might be a few more nearby.     

Neighbors of surrounding properties have thrown me leads to units/houses in the nearby area I already own in.

OK, there is a downturn in the economy, a nearby factory shuts down and you've got 4 families that didn't make their payment. 

I invest in a nearby metropolitan area.

Just because there is a major development nearby, does not mean this exact zoning would apply to this lot. 

Since Tyndall is near by, watch to see what the government does.

That of course never happened but Wildwood did get a nice set of 4 tennis mostly paid for by Michael Montross.We still are not at the point where there is not a lot of spec building  and the development nearby - Via  Villaggio (right across the road from the Lake Wildwood dam/spillway is still undone with one house built.

@Tim Swierczek thank you for the advice, I have started to look into the upcoming meetups nearby and will start attending some of these very soon.