@Aristotle Kumpis I completely agree betting on appreciation is speculation.

I'm not much for speculation, so I would pass unless the down payment can be reduced to more like 10-15% AND it's not on a land contract. 

_Brandt_Revo...I'm not a lawyer and so won't speculate what exactly it would mean for you and this property, but it seems like that trail conversion plan might have had to be abandoned because the rail easement is gone.

Speculation for possible appreciation?

Lots of appreciation speculators thought they were investing geniuses from 2003-2007, but they soon learned otherwise.  

This doesn't include your $600/month cash flow, which I believe you will use towards reserves, maintenance, vacancy, etc.If you don't need this money, I'd take the bet and put it into the "speculative" investment money of your portfolio.

That market might be hot and you are looking at a speculation play with limited rent for cash flow going in.

Is that more speculative or risky than being exposed to the wild ride of prices on those "cash-flow" properties?

I balance that with mortgage/insurance costs and throw in some speculation on property values increasing/decreasing and add a pinch of intuition.

Granted, this is just speculation on my part.