So, the land very well could be worth not much at all depending on some of those factors.

As long as the tenant screening is strong, your turnovers would be minimal (not factoring in life altering event). 

Seems like you haven't factored in maintenance, cap ex, lawn care, property management, or vacancy. 50% Rule says $1,800 in expenses additional to your mortgage payment.

@Vin Ochoa - I think the market is not the most relevant factor. 

Have you factored in the cost of your rehab? 

Investing is numbers game and calculations, in my opinion, are the main factor when I decide on a purchase price.I only have single families but hope my advice helps.

I personally couldn't give you advice on whether those numbers appeal to me because I'd have to know alot more but if its that much cash for that little equity you have to factor in the bank will likely require they sign so you are asking for cash and recourse.

Did you factor in their move in costs?

My personal opinion would be to work the numbers starting with the rent, factor in your expenses, and determine your operating expenses.  

I never thought I'd have to factor in the potential of a NEIGHBOR being the problem instead of a tenant, but I guess that's the beauty of landlording.