That should really be the deciding factor...is it necessary and a large enough project to include the permit process?

I could write a whole book on this topic, but this is what came to mind.3) There are a few factors that I consider when picking the city.

Is it fairly priced for the size, location, quality, and other factors?

Also factor in if the rents jumped a lot and if that would lead to a vacancy, which will cost you more in the short term. 

A lot of factors go into this. 

The high HOA fee is already a factor, so ensure you’re comfortable with the overall carrying costs.Focus on the Land Value: Since the lot has development potential, you’re looking at this as a long-term investment.

It's not my biggest concern, but it is a factor.

I have a lengthy Legal Opinion, from my seasoned Legal Team regarding this matter.There are several important factors, when thinking about proposing Seller Financing.

That is $19,200 annual profit so you would be -$3,200 in 1 year with no factoring of breakage and maintenance.

A purchase of $209k, $15k rehab, and ARV of $240k doesn't get you any thing back after you factor in all of the closing costs to purchase and to refinance.