Thanks Ken, this is all very valuable information.

Zillow has a lot of valuable information, but keep in mind that it's algorythms don't work in every market. 

You can check my profile for access to more information. 

Most of the one bedrooms that I have seen in the area seem to be going for 800-950 so I don't think I would have much of a problem, but I definitely want to be well informed before proceeding with this.

This is great information!

Apply for a dimensional variance on the vacant lot to allow a smaller lot and/or setback so it can be built upon.Your best first steps are to sketch a plan, possibly with an engineer's help, then contact the zoning department to discuss your idea with them to get informal feedback on your liklihood of success before you spend a lot of money.

If you are interested I could get you detailed information on where STR's perform best within the country.

Dominic, I've found that participating on BiggerPockets forums, appearing on podcasts, and speaking at conferences have built trust with first-time passive investors when those forum posts, podcast discussions, and conference presentations show my experience, track record, and market knowledge to those reading, listening, or attending.This doesn't mean "selling from the stage", but instead, sharing actionable, useful information that I've gleaned from my many years of experience and from my own research. 

Now that you know this little secret (that most don’t), you can make informed decisions when it comes to increasing rents for new leases and renewals.

Just sayinThere is a difference between, informing people of something good or bad, and just crapping and being negative.But come on, we both know we know the difference right?