Its up to you if you are open to advice. i have currently managed section 8 and every other asset class.

I'm in the same boat, wait and see.

What is the class of tenant?

lol ...that's middle class house.but yea nothing make sense if we see current valuation using past mirror, but if we're alien came from future then we may say "oh this makes sense".The point is these are nothing of homes selling for 500k, most do not even have a garage.

It is assessable only via boat.

I am in the same boat as Brett (low 2.875 rate and lots of equity)!

I’m hoping to not build until I acquire more revenue from profits of the plot via flea market, parking, boat parking, or something else that requires minimal investment.

A rising tide lifts all boats. 

@Celine Li Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

As world economics and geo politics have become more of a constant, this Teak investment will serve for diversification in asset class, maturity- since you don't have to harvest, currency arbitrage since main customers are China/India/Europe.