I've been doing the hardcore physical labor for about 20 years now, and honestly, I don't think my back will give me many more. 

Renting it out is Plan B and I would then rent an apartment in close proximity to work for roughly 1850/month.  

These types of properties are common around here because of the proximity to the university.Any downside to owning something like this?

I would also physically supply all materials at least until you gain more trust in them.Some are willing to work for a daily rate under 200-300 and are very skilled but I would be there to make sure they work a full day.

Thank you in advance guysAbsolutely, there is something to be said about having a physical business card.

Other physical limitations of housing (i.e. capacity of the septic, sewer, or other building systems) 5.

by and large if a parcel of land in any major metro city was on MLS  and did not sell then it was overpriced probably by a lot... or has some other hair on it.IN markets were new construction is viable and hot land deals sell in a matter of hours or days at the most to builders looking for lots.my take on Texas as whole ( not Austin though) is there is so much land that builders and developers have a lot of options and unless you have some sort of infill in a super hot spot  your dealing with a parcels with limited value or desirability or physical constraints for environmental or regulatory impediments.   

I'm basing my fair market rent price off of other rentals in that area, especially with the proximity the property is to the bay, as well as downtown area of the town.  

Also all of my tenant issues are focused in a single physical location. 

I'm looking to invest in NJ and possibly PA due to the proximity to NY.