That's like buying a lot to build a gas station, but it's zoned residential currently...but maybe you can get a permit. 

@Silvia BaierI love your enthusiasm, but I think you have a lot to learn.  

There is a lot to breakdown from your post and I certainly won't be able to hit it all here. 

Yeah, theres not a lot to do out there I reckon, but truth be told I'm a pretty introverted guy. 

Yes, the $40k down payment is included but $15,500 seemed like a lot to me for closing costs. 

Looks like you'll be doing a lot to that unit.

Here's the scenario -- we lived in our first home (3/1) for 15 years and during the pandemic cash-out refinanced at 2.7% 30-year fixed (have 28 years left), knowing we'd need to spend a lot to either rennovate or use as down payment if we moved.

@Brandon ClarkI am very sympathetic to CA investors wanting to invest in lower cost markets... but just to be very direct with you: -OOS is a LOT more challenging than advertised; and-50K is not a lot to start with.I genuinely think you will be more successful in a higher cost market that you can spend time in, rather than a random ,"lower cost" market thousands of miles away where you find something that looks nice on Zillow, spend your entire $50K on it... and then it needs a big rehab you weren't aware of, and you're negative $27K in year 1. 

Account Closed a lot to unpack here. 

After searching his name, it turns out he was the developer of the neighborhood.I was able to locate the release of mortgage from when he sold the lot to the builder, so it seems to me that this is a mistake.