Bare in mind though that the work involved in buying and optimizing a small facility like this is about the same as if you bought a 20,000 square foot facility. 

If you are eligible for an employer match, I would encourage you to take advantage, as that is a great way to optimize your 401(k) contributions.

Is it optimized and placing well in searches?

It sounds like you're just moving money around, not optimizing any particular income or making any real forward progress.

I think people often sub optimize their investment because they want to be close to home.

I don't think there is "most likely scenario".Each note has its own history, behavior and performance.All of the scenarios you mentioned can happen and I run into all of them during the years I am investing in notes, and note status can change on daily basis (a borrower that is working, healthy or married today might change status tomorrow).The tip I can give you is that when you are doing due diligence prior of investing, you should take worst case scenarios and check what will be your profit in such scenarios.If you are well protected and have multiply exit strategies, you will be able to earn even in such scenarios, and of course earn much more in more optimal scenarios.I can tell you 3 things about the note you mentioned - - I like it is a medium term note (13.75 years, not the 20 or 30 years note)- The LTV is very good, so you have good protection here- I think I have read somewhere that statistically there is a higher chance that a note that have once been non-performing will become non-performing again in the future (not sure if this is correct).Good luck,Eran

To elaborate further on what @J Scott mentioned I would say invest time in optimizing your website.

It usually involves a move out of town and they would like to keep the current home as a rental.I run comps which suggest the optimal rental price is $1600.

I live in Chicago, and I'm looking at various metro areas within the midwest to potentially plant some roots and start developing relationships (with PMs, Agents, Contractors, etc.)My question is, what are the different variables I should look at when choosing the optimal location?

I think trying to manage this much data on such a small screen is not going to be efficient no matter what.Put it this way, I've found that working on a phone (even super mobile optimized apps) costs me time.