Most likely once you cut open a hole in your sheetrock you will se the 2x4 wall framing, and more sheetrock, which should be doubled 5/8" fire rated sheet rock.  

Or are you simply looking to get into something turnkey, and just stick a tenant in there with good cash flow?

I thought the same thing and scaled up rather quickly to 300 units in deep south 95% section 8 after about 18 months I realized I bought myself a job that was simply not worth it..

But if you're simply planning on reinvesting all to get the best return possible you might also want to think about a diversification exchange where you sell one property and buy more than one.You could buy that smaller land locked piece. 

Anecdotally, one investor in our network has had to cut price multiple times on two of their currently listed flips in Tampa given the amount of properties on the market.

You can couple that news with the news out of China today that they have decided to cut their interest rate, lower Bank Reserves, (banks can lend more money) and make it easier for people to buy houses and they are also actively pumping money into their stock market which is to say we were going to have the massive inflation going forward.

The tenants lease also ends in December, the court date seems to be cutting it close.

(note not all the ones below are in default)422 S Oklahoma Ave, Elk City, OK 73644 | MLS #1095264 | Zillow15154 Appleton Blvd, Port Charlotte, FL 33981 | MLS #TB8300903 | Zillow  I looked up the one in Elk City, they bought it for $5,000, then listed it for $200,000 and now after 8 months of price cuts $110,000.

Back to today: I got off the phone with my agent, where I communicated how I wanted to present my offer (in summary: if the seller rejects my original offer, I hope they'll make a counteroffer, but if I decline that counteroffer, I will move on to make an offer on the next property of the few I am interested in the market - this is to avoid a back-and-forth and the property had been listed for a year with a 25% price cut in that time).

A competent PMC will simply rent your property to the best tenants -quickly- and they will charge a nominal fee to manage your investment property with competence.