It would depend on your income, location and price of the home. 

Low or no down, seller financing and low or no interest with a balloon payment later is the holy grail (location, building condition, market also matter but it sounds like you have all that).

The seller had a military contractor job with security clearance.

location location location  Wow. 

My ideal location is in the middle so I'm away from severe flood risk, but still 15-20 mins tops to downtown or the beach.  

It could, but you could screen this location with PriceLabs.co as they use both airbnb and hotel rates to create revenue forecasts.

A mass shooting occurred tonight on the street next to the street where the property is located, leaving nine people shot and one dead.

@Isaac Terry Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I'm sure every municipality will interpret the laws differently.65852.2(D) (iii) The accessory dwelling unit is either attached to, or located within the living area of the within,the proposed or existing primary dwelling or dwelling, including attached garages, storage areas orsimilar uses, or an accessory structure or detached from the proposed or existing primary dwellingand located on the same lot as the proposed or existing primary dwelling

We have emails, video conferences, secure portals etc etc.We do have a physical office, and half of our clients are local.