I am curious how far out can the property be from campus and still attract that market?

The rents are increasing but at a slower pace than prices are increasing which means the yields on those rental properties are coming down and not as attractive in a market like Sacramento," says Blomquist..........................Now, here is a prime example of someone who doesn't understand California real estate.And here's why:Real estate investing really all boils down to 2 key metrics: Cash Flow and Appreciation.When most investors think real estate investing, they think cash flow.

A property attracts tenants, there's nothing you can do to attract the tenants you want. 4.

If you incorporate some of the suggestions this thread has already attracted I am confident you can make great improvements.

There are a few ways you can approach this, but given that you are taking over this house with a fair amount of equity already built it I see one very attractive option for you:  If the true value of this house is $450k you can do what's called a 'gift of equity' with your father, and essentially borrow the full $350k that you need to actually buy it for him.  

Which do my fellow BP members think are more attractive to investors?

Better clientele will be attracted to the neighborhood, you can raise your rents, and the building increases in value dramatically.

Do they SOUND like something that will attract people to look?

Walk to work is appealing to small business owners.The stream/ park could be attractive for fancy shops or restaurants.

Not once do I recall the property being occupied with actual tenants, willing to produce a valid lease agreement, at market rate or otherwise.I would say if there's going to be an increase in difficulty, it will be due to the investors willing to pay 80 cents on the dollar, or the GSEs bulk programs taking off and causing servicers not to lower opening bids to attractive levels.