I think for now it's enough to confirm I'm looking at the right property.Full disclosure- I'm an aspiring (i.e. not an experienced) investor, so get confirmation of the below opinions from an expert before acting on any of them.The first thing I like to do when analyzing a property like this is look at the location, since it's one of the few things that's unchangeable about a property. 

Diversity in Industry – What are the major economic industries in the city?

I pay experts to do what they do.

I am evaluating a few options to improve this situation, one is "status quo" i.e wait another year and then decide since the next rent increase will improve the situation a little, two is to add a detached ADU which I have researched to confirm both feasibility and strong economics, and three is to see about selling the property as a development lot for multifamily, then using the proceeds on another investment. 

We “rotate” our investment styles to match the economic conditions of the time.

@Jaclyn SuggI will pm you a local mortgage expert.

With good reliable management and a strong team it can be done :) I would reach out to @Frank Procopio if you want to discuss investing as he is a local expert in his field .

The 3rd deal will be seeded by the 1st and the 2nd deal, etc.The one thing I have to absolutely tell you to do is to become an EXPERT at Tenant Screening.

I'm far from the expert you guys are looking for.

I am not a tax expert and pretty new to this so I would take this idea to an expert if you want to learn further.