The low price of the land and the fact that it is right next to commercial development would be red flags for me.  

@Heidi Dunn, this is a huge red flag to me.

They apparently manage almost 300 properties, which was kind of a red flag to me because there were only 4 employees.

If you're putting up 100% of the capital and they have no skin in the game that's a red flag to me.

You're starting off in the red, your only option to be the least in the red is to raise rents as much as possible as fast as possible.Using your numbers and some other assumptions such as starting at 900/mo rent I get a 7.24% IRR.  

Orlando is a towering beacon of light for investors at more than 100 ft above sea level.

@Michael Vallee, I wouldn't have any trouble getting that loan financed as a broker if no red flags popped up.

Sounds like you would have no control... first red flag

Some will have a lot of kids who get out of the car drinking red pop and eating chips.

Don't invest in Europe.It doesn't work like in the US.Prices are way too high, rents too low, they will tax you to death on rental income(Portugal is 28%, Germany is 40%) and there is red tape from here to Mars.