I would price out the construction costs on both intentions and then make a decision and consider the maintenance costs of either type if you plan on keeping it long term.Its location and demand in that area should effect your decision too as well as site accessibility,  land research, the land contour plus how you might use any extra space or the current zoning allowance or the utilities that exist.

I have been trying to educate myself as well and that is why the low cashflow gave a red flag.  

Maybe you need a specific school zone. 

I am interested in setting up a small opportunity zone fund.

It will continue to happen until the city gets new zoning regulations. 

That’s why I saw a big red flag when I read it.

So I've had success calling the local assessor's office and getting lists based on zoning.

More common with zoning, variance grandfather, etc.

My crystal ball is in the shop so I can only guess.Oildale is pretty rough but with the opportunity zone deal and Amazon moving in, it may turn around some.Otherwise, on the outskirts to the north or south, both areas will likely do well and the city grows. 

Things I didn’t even do that they assumed I would, how do you get a sue happy tenant to see thru the red?