The lot is very attractive but the home is in total disrepair.

If you have a high income w2, then the BRRRR method may not be as good or as necessary because you don't need to recycle the cash but if you need to recycle the cash then the BRRRR method is more attractive.  

Pros: can attract more guests.Cons: can attract more guests (sometimes of the type you don't want).

Hello Rich,i do not have a fraction of your experience but i've come to the same conclusion you made; As foreclosures are becoming rarer and selling at above reasonable prices, construction is becoming more and more attractive.

Without knowing your budget, what you consider safe\risk tolerance, how far you are willing to travel, asset type, your level of living expectations, lifestyle, local neighborhood expectations, the tenants\roommates you want to attract, and other criteria, it's hard to recommend an area.Your Class A, B, or C asset type class expectations versus another's view maybe totally different.  

Unless we can add value to the property in order to increase the rental income the returns are not attractive to us.Besides the one deal this year, not sure if we will do more this year or not.

Since I lost the original tenant prospect, and oil prices were falling, I decided to "jazz it up" as best as I could in hopes of attracting a strong tenant. 

Know your competition and how you attract renters to what you have.

It would make the area more attractive across the board.

If you attract an experienced investor, they probably don't need your help, but the offer will set you apart.