An additional consideration for rentals is whether to insure for "replacement value" or "actual cash value".

Seminole Heights/Tampa Heights is probably your best bet.

Or is that not really a consideration for developers?

@Roy N.The valuation is a process at a point "in" time, not over a period of time, however, of the two sides of an option, the "real" side being the business decision or the economic and the intrinsic side, the real  value is considered as you described but that isn't the only consideration of value. 

They always included a number of rooms that met our state code, TAS. that dictates mounting heights, grab bars, egress, etc.I would bet that you'll need a public bathroom that meets ADA also.  

I want to purchase my first property pretty close to where I live (Roseville, Folsom, Citrus Heights) so I can keep a close eye on things.  

At 22 feet in the air, however, you freak out because at that height, you know you can fall and get hurt.

There are exceptions but they are priced considerably higher. 

My husband and I did a bungalow in Arlington Heights last year.

Anyone with considerable assets should structure properties into LLCs.