I own a sfr that I have been wanting to rent out .i also have tossed the idea of buying land I have spent many many hours searching for the rite spot.

That is extremely powerful to the emotional whims of 19 and 20 year olds because it is objective.We now have a 17 page lease with 51 different spots for initials throughout so that tenants can't use the excuse "oh I didn't see that part".  

@Joe Splitrock is spot on.  

If something goes wrong locally, you can spot it more quickly and more easily step in to fix it.

I have come up with a plan myself on which walls to open, what all to relocate, how many cabinets to place etc but I want to be spot on with these decisions.

After you scrape some of that glue up give it a smell test... try a spot with bin and do the same.. it's trial and smell at this point. 

@Timothy Stieffel It's refreshing to see a Bulldog that can see past his maroon colored glasses to spot a wonderful place to live, work and play regardless of what school is there.

The other point of view is that even though renting will become cheaper the area is going to dramatically improve making the area a hot spot and living in the area very appealing.

:)There's a cool spot called "Flights" right off the 405 on El Segundo Ave.  

I think Jake's advice is spot on.