Without knowing KC, I would be hesitant because given the price and rent, I suspect it might be a less desirable area of town—again based on prices in completely unrelated cities.  

To thrive in real estate investing, you must maintain a firm grip on your finances.

Usually you're going to have to invest some front-end money to survey it out and work with an engineer to figure out what's possible (generally the more lots the better) based on your existing access to infrastructure, the desirability of the area, zoning rules, etc. 

While the property's location was desirable, it was evident that the house had been neglected for several years.

You are also looking at your desired closing date and determining how much time the appraiser needs and anything else required prior to closing. 

Desirable location both locally and regionally.6.  

While the property's location was desirable, it was evident that the house had been neglected for several years.

Your path will likely get you to where you desire, it will just take a little time. 

From our experience, it is typically within a month of their desired move-in date.

To thrive in real estate investing, you must maintain a firm grip on your finances.