Would this be a slum lord play?

If he's getting 10-12% return, why not borrow at 8% and play the spread?

You may have a grasp on this aspect, but there are items to consider that can play a big factor when choosing your land such as topography, existing zoning & platted lot status, minimum/maximum requirements such as parking, detention, size of building, setbacks.  

Income over many years-weather plays a big part is the success of a wash, you want to see REAL numbers for st least 3, more like 5 or 7 years to get a better picture.Sellers mindset-is he really selling 2 of 3.

Landlords who pay attention, are ready to wait, play by the rules of the local laws, and have enough volume or cushion to ride out the outlier experiences, have seen, and I believe will continue to see, the benefits of lack of competition accrue to them to the tune of millions of dollars. 

Is that the play?

Quote from @Ethen Sanchez: Quote from @Alex Olson: @Ethen Sanchez While I don't know STL as well as KC, yes crime rates play a factor.

Like pert near anyone in our bizz you do have bummers each year myself I wholesale them off when i do have to take one over.. or i might sell them on my 0 interest short term owner finance program .. which creates some rock solid paper given the assets usually need a lot of attention at that point.. for the speculation I had 2 long term land plays one paid off after 22 years of owning it for a 100X multiple  yes 100X  :)  And the one i currently have that the new CHIPS act could create a huge win for myself and partners..

Your Core 4 Real Estate team will play a very important role in your success.As for other markets to check out, it really comes down to what you're aiming for. 

I do not have much knowledge on real estate but I am the hitting  books: BRRRR by David Greene, Estimating Rehab cost by J.Scott, Investing real estate with no/low money down by Brandon Turner and finally, Rental property investing by Brandon Turner.Outside of real estate, I enjoy swimming, bike riding, watching anime, playing video games and interests in the stock/house market.Excited to learn and connect with you all!