I agree that detailed analysis is very important as there are numerous factors (such as local demand, the cost of county approval, land prep, gravel cost, labor, etc.) to consider in determining if the ROI is ultimately worth it - especially since in our market, RV/boat spots command lower rent/square foot than a storage unit.  

NJ has the highest median property tax rate in the country (1.89%), and commands (by far) the highest rent of the three areas under consideration.

Renting (long term) at this time doesn't appear to be a good option and unless finishing the basement and adding a room significantly increases the rent it can command it doesn't seem feasible in the near future.

The x-factors are a media pumping pumping pumping fear and calamity because we are in an election year, nothing new from the playbook on how to defeat a sitting President, it has always been to diminish economic health and capacity to command in crisis, has gone on for a long time, just never at this scale before.

In addition, better neighborhoods command higher rents which translates to higher cash flow.

Do they typically command a lower average rental price compared to a house?

These areas all have a large young professional population and command a premium on the rental market. 

Your type of tenant in these areas would be much easier to manage and command much more rent. 

The property themselves will be upgraded in 3 phases and will command even more monthly income plus huge equity build.

Seems as though there’s nothing in the legislation that commands continuation of leasing terms, which include the right to sole occupancy, and that this executive order is merely a protection against eviction.