If utilities are included and paid by the landlord then you can go up to 60% sometimes.The purchase price would then be 340,800 at a 10 cap.There could be value if the rents haven't been raised in a really long time to keep it full and you can increase the yield that way.Also if the property sits on premium land or spread out with extra land for development you can add on or sell to a developer for higher density or re-purposing at a premium.

Crime difference not significant.Then you here the classic $5000 or $10000 Detroit house.  

It leaves another exit strategy, and also frees up the land in case it needs to be repurposed.  

My cpa for real estate I met in college is a classic example of this.  

It's the classic house-hack that @Joshua Dorkin and @Brandon Turner talk about all the time.  

A classic.

You will have to gain comfort in both.Are the buildings easily repurposed in the event the single tenant leaves?

It leaves a ton of flexibility to hold and wait to build, but also if I decide to build immediately and sell out of my current house and re-purpose the equity to other real estate deals as well.  

The house is classified as a 1 family and since it is on a river in NJ it can never be re-purposed to a 2 family.

Originally I got turned on to real estate investing by the classic Rich Dad Poor Dad, and love the goal of financial independence/freedom that real estate can provide.