@Harry Gamble I think it's desirable because it's a duplex lot, but the 9 sides parcel that sits back from the road is a very, very odd lot.

When you speculate you are essentially gambling.

Assuming that you are not a general contractor by trade, you can either gamble big money that a house is ok, or you can accept that you will lose an occasional deal to some maniac who doesn't want to do an inspection. 

Turns out one was a computer gambling business and the other was an e-cig business.I don't care why the applicant doesn't want to tell you, but if I don't know the business, I don't consider the application. 

Remember, in the Karate Kid,  Daniel-san had to become the right kind of person Before he would enjoy success in his chosen endeavor. 

if down the line the condo market in this area picked up".That sounds like a big gamble, right there.

where were you when about 200 plus families in La I had to foreclose on and take their investment property from them.. its a nightmare I am not saying no debt its not realistic until you get to a certain level but having free and clear assets is a choice and no one can take them from you..I am a gambler anyway I gamble on appreciation every day.. and value add..so maybe I am not the best to have this argument with.but when I look at the truly wealthy friends I have and I mean truly wealthy  not 7 figures but 8 figure to 9 figure net worths most of what they have is paid for it not all.. unless they are in big syndicated deals.. houses are paid for second houses... house s at the ski areas the lake front homes.. etc etc.. but I guess I am just more in the limit debt camp for long term liabilities..

The other assumption or gamble here is over time the property will appreciate and rents will increase to a point where I no longer am losing on the investment.

Too much speculation, it sounds more like a gamble than an investment.

I'd rather rent a property to someone that's highly qualified than gamble on someone with poor credit performance.