I forgot to mention that there are several new developments being built in the area one of which is being built not to far from this property.  

Should I have worked on finding the deal myself and developed those skills?

- what is the chance of later problems (ie. if its water damage, what is the chance of mold developing later)- is there coverage for loss of rents and how will it respond to the loss of rents you experience after you purchase the bldg.?

I'd suggest developing a relationship with a commercial lender(Get out the old phone book and start calling) who can fund this deal.  

I do see single family developments and large apartment buildings going up which means there is the demand.

These developments always have good workers. 

First, I would identify the average price points of the majority of recent sales in your area that you want to work in.  

I see these developments being good for an area but I'm not sure if they will actually be the game changer that many think .plenty of places in the country where there are stadiums but the surrounding area is run down or high crime .I also see investing with negative cash flow being risky .

My goal is to get 8-10% net cap rate for a long term (20-30 years), I'm still considering few strategies, To invest in a big and stable city like Jacksonville to buy a old house (1960-1980) in not so good neighborhood and give it to a property management company to take car of the properties or to go to a medium city like Gainesville but will still need a local property management or it will be better for me to invest in a new construction in a small city like Ocala (I know there is a lot of development in the area) and I can also manage it myself.

I am a local realtor and developer in Northern Bergen county.