The 10% vacancy and repairs, along with 5% capex in my opinion are pretty high. 

interest rates and prices are high and people are contorting themselves into pretzels to try to buy. 

Highs in the 15s and lows will be 0 this week. 

Its money well spent land development is high risk high reward.. depending on Jurisdiction. 

Professional photos could cost as little as $150, but you should pay more to get experience shots, golden hour, aerial, and video.

For example, most Developers in the Seattle area are taking many properties and turning them to condos since that is a booming market with high rental rates And sometimes more conveniently built and accommodating then a SFH.

Like you we had 3 teams of two door knockers  2 for safety one women one man.. and we door knocked every NOD in our 2 mil MSA  all to boil it down to if we were very lucky to get 2 to 3 deals a month.. now we were a little different I only would buy very high equity deals.. and we leased back .. because as you state 99% don't want to leave.. 

Possibly if the house is 3,000sf with the basement and the comps are 3,000sf above grade. 

Condo's usually have high HOA dues which will eat into your cash flow.

And you get feedback at a level high enough to determine how to proceed.