The rents in there may currently be too low to warrant development and construction of a nice, new 15k SF building now, so I'm looking for ideas for land banking with cashflow.

Leveraging the property to put your equity to work will not improve your position with your rent as low as it is.

@James Maness I think the prices are getting a little high, but if you are looking to purchase low income units, I don't think they are as affected by the overbuilding of newer units that target the higher income tenants. 

Sure, there's minimal property management, but from what I've seen, competition is very, very low.

We countered back at 149k, buyer countered @ 146k, I accepted but now.....Buyer is asking that if the appraisal comes in low, I split the difference between appraisal and the purchase price.Context of situation is I’ve decided to sell and 1031 exchange in hopes to buy a 3/2 to further invest (buy/hold). 2 Bathrooms tend to rent out better.

Buyer is asking that if the appraisal comes in low, I split the difference between appraisal and the purchase price.

They are low cost and easy to deal with. 

If the owner doesn't care enough to find keys and grant access, you might do your best to estimate rehab costs and explain that when you make an offer (assuming a low offer).

I think of it a lot like retirement funds - start aggressively with value/growth stocks and ETFs when you're young and have time to play with, move into highly rated bonds and low-fee dividend funds as you get closer to retirement.

In one case that I found here in Houston, the cost if low enough and the value is high enough, that it made a LOT of sense.