It's probably a stable place to invest, but I wouldn't plan on price appreciation.

Additionally, we noticed that her mom doesn't have retirement savings.

After being retired for almost a year ago, I realized that my original post-retirement plan was no good.

Look into options to rollover into amortized payback or growth.Offer long term retirement funds that look similar to mortgage amortization schedules.Explore options to donate portions of the interest gained to provide community support to help rehab homes with people who need help, but can’t afford it.Create regularly updated, highly visual progress reports for the various remodel/ renovation projects.

You have a bunch of retired New Yorkers, New Jerseyers(?)

I am considering retiring from the profession, if this is what we are required to endure. 

We'd probably rent it out for 20-25 years then live in it half of the year when we retire. 

If you're financially stable with little to no debt I'd go for a conventional loan or continue to save and make cash offers.

For the ones that are in the business of doing these and selling class A to institutional investors it costs them a lot more due to amenities and construction type, but they are selling at 3-4 CAP and making $10M on the sale...the institutional investors aren't looking for a 8-10% return, they are looking for really really stable 4-6% returns.So when you look at projects that may be the 'why' you can't make it work when it seems like others can.

My first rental property is in the same neighborhood with good tenants and stable cash flow How did you find this deal and how did you negotiate it?