I kinda agree with @Larry T. there is presently a storefront vacant building right at the corner of where i leave, the store is rented out but the apartment is vacant and it has been like that for at least 2yrs.You also need to be wary of the location, correct me if i am wrong but buildings were there are apartments and stores are technically in D, E locations which could have a lot of issues. this is based on my drive and stay in Rochester NY.Your located in NYC, i think you could take a day or weekend off to come down here and check the neighborhood out.

I'm finding the hard part is more finding properties that are in a good location and also don't have restrictions on short term renters (either hoa or local regulations).I've reached out to owners with the same basic offer (increase rent, cover repairs up to a certain amount) and most people are hesitant to even discuss it, so i think it's a sheer numbers game and being ready to buy a property when one shows up that matches my criteria

I wouldn't want anything commercial mixed with rental.. to much foot traffic, Laundromats are huge utilities to run and to keep up with mechanical fixes.. and lots of stupid sit in and wait traffic.. big drug potential unless you have a staffed location.  

The property is located, literally, across the street from the campus core.  

I look at flips looking to make at least $20,000, regardless of price or location. that could be 20% or it could be 50%.

I'm 80-85% sure you just want this deal because you're both in love with the location (near the beach, and prime location too).

I personally do not like LA, but that's just me. as a real estate investing location, I would pass, because to me, it seems like there is more competition, and everything is so expensive.

  $600K anywhere south of Boston will buy you one in great shape and probably newly rehabbed.There's a band of towns located on the south shore south of RT 128 and north of I-495 that bear looking into. 

My property is located approximately 20 miles from Austin.

You have to live in it for at least a year unless you get orders to another location