At this point California markets have already seen way much appreciation so buying for upswing would be mere speculation.

Appreciation investing is dangerous and speculative, sort of like betting on sporting events. 

Too much speculation, it sounds more like a gamble than an investment.

Anything else is speculation, potential and you spending additional cash before more money comes in the door.Not trying to rain on your parade.

@Mike G....if you went to the bootcamp and you follow that model...you know this is a bad buy.....unless this is in california or somewhere where the land is easily worth more than what your paying...but im not a speculator or in the raw land business....so my advice is very limited.Advice....i would throw this deal in the trash and keep looking for other parks....keep them in your Rolodex of follows up's...but follow up in like 6 months and if they still haven't sold it to someone and haven't come down to real world prices..then just call them back in another 6 months.  

Most are speculating the neighborhood will be close to a new high tech. another Amazon headquarter, Googl giant tech center etc. 

If you avoid speculative markets (back then it would have been Vegas, Phoenix, Miami as examples as speculative) and focused on value add apartments the research would suggest almost nil in apartment owners being delinquent. 

This is all speculation on my part since like you, I only hold credit cards that are cash back but maybe it's just a mindset thing.  

Wouldn't a 4-plex be more profitable, if proper speculation before purchasing the property was taken into consideration?

He considered real estate speculation, though a the property he got for $25K, $10K down in 1963, was sold for $1.1 million a few years ago when he passed.