I personally would invest closer to where I live or plan on living long term, BUT I would keep an eye on Real Estate in other states such as Minnesota as I know first hand how you never know where an opportunity will strike.  

You want to be opportunistic and wait for the right deal and be ready to strike when the time or right.

If you want cash flow, you might want to sell or 1031 and move to another area.Your numbers on paper--as others have said--look "tight" at best, and don't have room for reality to strike and your cash flow numbers to hold.

Strikes me as a kind of “greater fool” game.

I don't mean to sound flippant but you are looking for the home run pitch and strike out watching.

I'm turning the property into a medium term rental and want great striking pictures to post on places like Airbnb VRBO etc.

Once we strike a deal.

-My vision for this lot, which any common sense person would think is a narrow crappy lot, is the following (we'll see how it pans out in a few months): modern home, geared towards a younger urban buyer, three stories high with a master suite that offers downtown views on the 3rd floor, 3 full bedrooms and 3.5 bathrooms (so three full suites which adds value for a single professional that may lease out 2 extra bedrooms), striking interior finishes vs vanilla.

Your expense projections might be a bit on the low side overall, but obviously it all depends on your area, the property, etc.6% strikes me as low, but if you're happy with that rate of return and the property is truly turnkey, then buying something is better than buying nothing.

lol I have a ton of buyers just looking to strike out on my first attempt!