.• Adverse Features: Do any of the comps have issues not considered in the appraisal, such as proximity to a high-traffic road, sewer plant, or power lines?

Pretty cool.You probably won't find this type of home in Florida or anywhere where the water table is high.

I assume it’s not high enough that you or any family members want to take on the job?

They're highly popular for turnkey rental properties because qualification is primarily based on the income generated by the property itself rather than the borrower.

I realize I don't have the actual NOI, but that price sounds super high for the gross income you're stating in your narrative.

Our 275 sq ft furnished garage should rent for $1600 - $1800/mo and the only extra fees compared to long term is $99/yr to post on furnishedfinders.com. ...I should have this finished by the end of next month, so can keep you updated on whether this plan works and what we rent for. 

If land values are increasing significantly, you can back-end load the seller financing for a percentage of the profit when you sell.To add to prior comment, how many septic tanks do you have?

I'd keep 70% as a base and shoot for 90%+ on the high end.I think I'd be pretty happy with 90%. 

That is an upfront game plan with numbers that should be somewhat fail proof if done correctly.Lastly dont forget that 85% of people who take out a HELOC end up doing a refinance within 3 years to consolidate into one loan. 

The current status of the market is low end rentals land lords that let the houses look like crap.