This house is listed on the county appraisal district site with a parcel number, owner and property taxes being sent to one location and note stating that the land is under a different parcel number, owner and property taxes sent to a different location.

Chang,No experience with it myself....but I have read up on it several times and yes it is a real possibility....I was researching as we do new condos and conversions on the Civil and land use planning side of things, and I wondered "what is the redevelopment potential for a small existing condo building in an undervalued location?"

Possible causesOverpricingQuality of UnitQuality of Neighbors (homes and businesses)Location of Neighborhood, Amenities, Transportation, and Employment OpportunitiesSupply and Demand in your areaEffectiveness of your marketing  (Are you reaching the potential renters best suited for this property?)

@Jorge Leon Jr, hold the cash in index funds until you're ready to deploy the capital for an investment property.

@Matt Gilroy I would agree with @Alexander Felice...our Achilles heel in this industry is turnover...tough to keep good tenants when they may deploy at any moment or be relocated every 6-months. 

I am located in Alameda county in Dublin.

So I’m looking for a my first deal in roughly the next year, I’m located near Seattle but am curious if anyone in this area knows good neighborhoods or city’s that are looking more promising then others, I intend on starting with a duplex up to a 4plex, live in one an rent the other units out as my first deal.

This sounds like the price is too high or they have found a better deals after closer look.It really depends on many factors, like what is the exact location, what is the shape of the lot, how is subdivided,  how is it accessed, how far are the closes utilities, are those private / public, is there any public access, are the access sufficient or do you have to build a new roads etc. 

In this NW market in desireable Oregon locations it seems to be challenging.

I live in Northern California and does not have the means to maintain rental properties(with a full time job). okay in investing out of state, appreciate your pointers related to what type is best, location, how many, ROI etc.