The value of the home is around 245k, although it has not been appraised that is the 'desktop evaluation', whatever that is worth.

Maybe the landlord works a normal job on top of landlording or otherwise has a lot going on.  

My wife and i are just starting out in real estate investing in the Grand Rapids, Mi market.

As a rental, tenants will likely prioritize the location over minor inconveniences.Your strategy of betting on appreciation and eventually pulling equity makes a lot of sense in this market.

It seems to me though that any project I have built in the last few years require detention regardless of being in the flood plane.

I bought the book also & the link leading me to Biggerpockets does not work either & gives me the same error!

Maybe you could have a timber guy strategically come in and cut some of the timber down so you could get some cash and then sell to someone looking for some hunting land.  

However, we typically use the FHA-203k loan because it involves a renovation, which I highly recommend if you are looking to really boost your equity and have the cost of the renovation wrapped into your loan with a VERY LOW AMOUNT OUT OF POCKET.I like the FHA loan, but honestly, the Fannie May Home Style is an even better product at this point because you just have to bring a bit more cash to the table 5% vs. 3.5% (w/ FHA), but you have a bit more flexibility.  

I think you're on the right track with Lowell - that's consistently been one of the most affordable markets in the greater Boston area when you consider price to rent metrics.

Other then that photographers can do pictures from the ground.