This is a beautiful house - rehabbed/looking new and fresh - walking distance to the water etc, yet low gross yield  compared to Byrd (???)

After 5 months we had a bad water leak under the house.

The issue I see is smart contracts/tokenized real estate and traditional real estate investors is like oil and water.

Who knows, maybe you use that money and invest into a new type of toothpaste that blows any RE investment out of the water.

Stop hanging out with your deadbeat buddies who spend all day drinking, talking sports, and otherwise wasting away.

Get pictures of every room, the electrical breaker box, water heater, furnace, each side of the house, the roof, the basement if there is one, inside and outside of the garage if there is one etc.If the seller doesn’t want you to come do a walk-through and take pictures due to concerns over COVID-19, then have the seller take pictures and send them to you.

This helps keep me out of hot water with fairhousing. 

The city required the road to be extended a few feet, along with water and sewer.

You also mentioned an unpaid water bill, so be sure to deduct any outstanding balance from that bill as well. 

I also see your point about avoiding bargain basement properties, especially insofar as tax shielding is easier with an asset of a reasonable size.Your point about barriers to entry is also interesting, since I suppose those barriers can be geography (natural boundaries of mountains/water), but you're probably referring to that which impedes future construction?