Great locations - near beach and amenities?

Your location is an important factor on rentals as well as nearby amenities and the retail development near there. 

This property is located in central California.Sorry for sounding like such a newbie (I am one!)

So the chance that you will ever buy any investment at the perfect time/price/rate... it's a fools errand to make that a criteria over ROI, location, condition, etc.Now maybe if you were saying you were thinking about only doing 19 deals this year instead of 20 and you wanted to hold that cash for a potential better buy after a crash, I get that too. 

And they’re also generally located in D neighbourhoods.

Where are you located?

Not sure where it is located but maybe your first step is to try and sell the lot to someone else?

But the hardest thing to do is sell to an end buyer/occupant, even at a fat discount, when there are still updates to be made -- hell, you are an RE agent, I don't need to tell you.So maybe find a local rehabber that has some crews he needs to put to work for 3-4 weeks and price it out. 

What is everyone's thought on investing in a property located in a flood zone?

Never mind that the property is located in Baltimore MD but after looking at the taxed assessed value of 227K I have absolutely no idea how she got to that valuation.