Fascinating observation, Kevin. 

Goes with my observation that at 9am most of the cars in the office building's parking lot belong to employees and owners of the companies.

There's much to learn from these wave catchers when we look closely how they are patient and observe the flow, knowing that everything is moving and can't be held, you can only learn and prepare to see it coming and then ride it.

Right now we are sort of waiting and just observing the market.

*Note*: The plumber stated he observed wipes in Unit 1 next to the toilet.

But that sounds like a low paying job to me.From what I've seen in the area, you need to do substantially better than the 1% rule to make sense in the City of Syracuse because of the high property taxes (~3.4%) and high cost of capex with the brutal winters and relatively low income population.That's just my observations, I'm by no means an expert.  

It's close to a few beaches, so rent could probably be a little more, which would help to make the price of the home back quicker, thus allowing pure cashflow quicker.. but I'm not sure if, overall, this would be a good investment.Maybe try to make a pros/cons list with everything you can think of, just starting out, then if you're able to view the property, make a more detailed observation. 

Any helpful direction / observations / insight is greatly appreciated.  

., yes there certainly is an issue with that retaining wall, good observation. 

NOTE: I am only a guy in a similar situation - please don't take my  observations as legal or financial advice!