Yep, off water, but with nearby water access and view seems to be the same ROI considering the cost of the property. 

I see off market properties weekly, talk to investors both new and seasoned daily and I am actively buying myself.

I currently own 17 "doors" (15 properties).

I highly recommend an attorney to draw one up as each state and each property can have unique issues. 

Costs include a conversion fee, potential property upgrades, and legal expenses.

I'm looking at a property in Lake Arrowhead, CA that obviously has a foundation issue.

Also make sure you are comfortable with some holding costs if the units don't get rented right away (if vacant).Also look into if there is rent control in the area that the property is located.

Your property:2bed/1bath: $7001bed/1bath: $550Efficiency: $400That's $1,650  a month, not $1,100.

But I'll keep you in mind if I come across any residential properties in your area.

Dave Meyer shared an informative video today [How to Find Your Perfect First Rental Property (The “Buy Box”)], outlining helpful structure for you to add clarity for your deal.