He's very concerned the state could take it away and because this land was his parent's land, now his, and he wants it to become ours and later our son's, he's very concerned modern laws will stop this. 

The house is definitely on the older side, built circa 1930, but walking through the property I saw a ton of potential (huge back porch, front porch, large semi-modern kitchens, beautiful hardwood floors trapped under dingy carpets, etc.).

The primary requirement is at least one of the owners is required to be an active pilot.The the FAA Modernization and Reform Act of 2012 (https://www.faa.gov/airports/airport_compliance/re...) resulted in the laws being setup for these types of communities called "Through the fence". 

It's not rocket science, but it's not what many expect either.

If you want stability, less hassle / work and break it down to more of a science (calculating cap rates, ROI, etc...) then go Philly rental.

Who are the major employers and do they have a diverse, modern economy?

ALL these people both here on BP and the gurus will make it seem like it is a science, and for good reason.

Nearly every new apartment building and commercial space has a flat roof and flat roof are very popular in "modern" architecture.

@Shiloh Lewis Choosing the right market is an art and not a science.

It was an outlier in my investing strategy and no longer fit my profile.The goal was to make it as neutral as possible while using a modern color scheme.New floorPaint - Walls, Shower, counter top, fire place.New bathroom Updated the master bath New appliances It listed it and sold it on MLS in 5 days with multiple offer over asking.