But if you're looking for immediate income from the property, this isn't the deal for you unless you have a strategy to increase revenue/decrease expenses quickly.The fact that lots nearby are selling for more than the property is a good sign because it speaks to the quality of the location, but it may also be a red flag about the condition of the building if the land would be worth more without the building on it.

One is there should be NO change orders unless it is unforeseen conditions (recommend design/build GMP contract), downside is if they are buddy buddy then that can lead to problems down the road on quality issues

I like auto stores and Davita type medical also in this price range.The Davita's can get 6 plus cap rate but get 2% annual increase in primary lease term so I like better from a yield perspective plus build out quality is usually a lot higher.

Quality of life / change How did you find this deal and how did you negotiate it?

Investor in the Mobile, AL area here. 23 doors and rapidly expanding BUT...I’m having significant issues finding reliable contractors that do quality work in my area for my BRRRR’s.

There’s better quality of life when you are able to just open your front door and have your car right there, lawn, trail, parks etc.

Provided you choose the right builder, you get a good quality house that's maintenance free for at least the first 4-5 years.

@Ry Eikleberry $450k will buy you a decent "B" quality fourplex that should generate anywhere from $3,400 to $3,800 per month in gross rents.

Quality of life is more important (IMHO) than quality investment market.... 

A property manager typically has long-term relationships with a variety of vendors that do quality work for a fair price and are responsive.