There is a home built right next to it on a comparably sloped lot.

They dont do an appraisal but the do an in-the-house determination of the value of the house based on comparables, at no cost to me.Now, my current lender would only lend me the purchase price, then I have to refi in 6 months to recoup my rehab costs.Is this too good to be true to find a new lender give you purchase price and rehab expenses lended for 30 years at 5.5%? 

Make sure you compare services on what that 10-20% manager gives you and what a higher rate manager gives you.

The cost of rehab is just so high compared to the value of the houses.As @Thaddeus D. said it is a not a buyers market right now.

Lands can also be used for entertainment use are nice options too.Generaly land investments are bit risky compared to single family houses rentals or flips.

I think the rate would be higher so I to compare ROI on 5% capital returned vs additional interest charges.

This is a different economic landscape that the federal reserve is dealing with compared to the 80's.

This property still cash-flows but definitely under performs (due to flood insurance in my opinion) compared to the others.

The distance, timezone issues, and general comparative advantage nature of investment make it hard to do and learn everything.I completely understand the impulse.

Consider how they compare to national averages.