ADR and Occupancy rates are more of an art than a science, but using sites like AirDNA are great places to start and then verify thru local property management or just good old fashioned research on Airbnb and VRBO for active rentals in the area.  

We are in almost an identical situation.

Essentially, the requirements for ADUs & solar will not change from 2016 (becasue of the nature of our business we have contacts at the commission that have verified this).

If the numbers have been verified, then grab it.

@Anita AhujaI think the rent would be closer to $1350-$1500, but you'd want to verify this with a PM company that is familiar with the area.Yes you can have the tenant pay the utilities.

I assume taxes are current if the local municipality hasn't taken the property back.If you can determine the amount of discount you'd get and add in the rehab cost to turn it into a SFH you can see if it's worth it.If you haven't already, verify that current zoning allows residential.

Please someone verify I got this right - this would be huge mistake to make.

If you are flexible enough to allow a little more time you will reduce the chance of damage to walls and woodwork (happens when people try to move things too quickly) and increase the chance of the place being left at least empty and broom clean.I would trust but verify. 

I said I want to first want to be able to verify credentials but would prefer a water remediation specialist to do the inspection. 

It appears from the FEMA flood map overlay on satellite image that much of the wetlands is planted with pine, meaning more of the usable/build-able land is clear while still growing pine for profit on all the 'useless' land.I've found a nearly identical 40.0 acre nearby sold comp for the raw land, down to nearly identical ratio of wet to dry land.