This could leave you exposed if you do not own your cabin under an LLC or corp (im not a lawyer so plz don't take me on this 100%) The upside might be that your insurance could go down with the sprinklers installed. 

Instead, it is grouped under another address in the same community, which happens to have the lowest price.

It's good to plan ahead but I'd focus on that first property, get it stabilized, learn the rental business, then move onto the next property once you've got your feet under you. 

I'm looking at the bottom third of the market to focus (in Boise that is under $450k). 

Same principle for rents.You posted this under land and new construction.

I'd have to offer 20 to 30 percent under asking for most of the properties to work out for me.

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.

I do have a new opportunity that I have under contract with a plot of raw land in the same area. 

This would be a second home under your proposed scenario unless you or your wife plan to occupy it permanently as primary home.

.: Quote from @Caleb Brown: My kids are 2 and under so I have been thinking of starting a fund for them to grow now.