Building a strong ground takes time, patience, and steady work.Good luck!

Is there neighborhoods to avoid?

Also, it is a new build, so maintenance is going to be minimal Rent Numbers:I can rent the house out for 2800/month conservatively (maybe 3k)Loan Details: mortgage remaining: 310,000FHA matures 10/1/2050rate:2.75%asking price:590,000

Our goal is to sell the first plat with the house and use the money to build a modest modular duplex on the other plat to rent.We are both very inexperienced when it comes to building and renting, and need all of the information we can get- what are some unforeseen costs associated with building a modular?

Then build some storage units on it, or whatever.

Plus, you continue to build appreciation through mortgage pay down, as well as market appreciation as well.Timing is up to you… now if your potential new investment will cover the higher interest rates you see today.  

National economic trends, local economy, neighborhood situation, home condition, desirability as a rental, demand factors as a purchase, and too many other factors to mention. 

The worst part of renting to my Parakeet tenant is that her cars are spotless, her house is spotless, every time I go over my car needs to be washed and all I can think is they must look at it and think "geez, there goes the neighborhood" lolOne of my best tips, I learned from a friend who owns 50 plus rentals- always collect the rent in person.

I want to buy the property on terms and demo, build a new house.I want to structure an owner finance deal with him where I either pay him interest only on the lot or no payments for 18 months (or until the new house completes and sells whichever is earlier). 

The value of 3 acres zoned multifamily vs 3 acres that has full entitlements (meaning you just go to the city to pay permits and start building) is significant.