Having it close to a body of water would be a plus, but not a requirement. 

I show up in my utility body work truck , wearing work clothes . 

Having retirement or disability income is one thing, but to be able bodied and just not work is not an adult I want to house.  

Take your shirt off and paint your body blue.

lolhttp://beta.biggerpockets.com/forums/223/topics/132989-deal-success-story-in-process-cash-flow-in-the-sf-bay-areaAnd just my 2 cents on your new property with the acre full of car/bodies.

There you will be able to see home much of your taxes go to each taxing body.

(Cleared environmental Phase I, New survey, and are at site plan stage and requesting a letter of commitment to permit from the governing body now).

Other things to consider would be insurance implications (make sure your policy will cover you, and you'll probably want extra liability coverage), zoning (most likely this would be allowable as a special or conditional use within a single family home zoning but you'll want to check that for your specific location for sure), potential noise complaints/issues with neighbors, required permits, annual inspections by the regulatory body, contingency plan for if the neighbor goes out of business/ files bankruptcy, etc. 

Keep in mind that a lot of brokerages you are a body to fill the seat and bring in income kinda like and MLM.

Look for dead bodies.