Consider exploring townhomes or single-family homes nearby with fewer HOA restrictions for more flexibility.

Reduced Market Visibility: Fewer potential buyers, possibly leading to lower offers.

Are there restaurants nearby?  

In addition, doing fewer deals than that will most likely mean that they don't have a legit team of pros to back you- PM, GC, Plumber, lender, etc- if they aren't feeding them constant business, those contractors won't drop their current jobs to help you in an emergency. 

It's on the water, and I have a 32 x 12 foot boat slip in the nearby community dock.

And just because another developer got approved for a certain style project near by doesn't mean you will.

I have had people express interest but they want to know the exact address not just a nearby landmark etc.  

I know that area well (went to college nearby).

So, I'd likely be working with a management company to work with, especially since I won't be living nearby. 

It can still work, but focusing in and around your backyard is smarter as long as you don't rush to make a net negative deal which you aren't doing.If you are nearby, I would skip property management for a single-family home.