Without sharing greater detail of your proposed investment, no one can offer anything of value in terms of what types of returns they would want to see to compensate for that risk.

Where the owner doesn't have enough storage space, so it won't be short-term parking. 

How long for your spouse or partner?  

It was held by the previous owner for a very long time, so I wouldn't be surprised if some basic facts about the house are incorrect.

But as a tax accountant who sees these things in real life and how they work over long periods, I usually think there'd have been a better way to structure the investment.

What if they change the terms on you last minute?

Based on income alone, I could buy a 30k lot in sky harbor and build a 2 bedroom 1,400 sq ft cabin that generates 50k to 60k in rental income all day long (if not closer to 55k to 65k).   

Just in terms of optics, if you rehabbed two properties? 

I've been doing this for a long time and have never seen such a huge change of market so it has me wondering what is going on dynamically.

just browse the forums here on BP - there are some LONG threads about it.hope this helps