Overarching all this, is what you can fit on the site in regards to zoning.

Renters insurance is fairly inexpensive in most parts of the country costing something in the neighborhood of $10 to $25 per month (some big cities can be expensive).

Not just personal opportunity but opportunity to revive neighborhoods nearly overnight and cash in on it!

We look to rehab all of our properties based on what the local market can support and then hold the property (passive income) or sell the property (generate capital) depending on how we think the property fits in our portfolio best. 

I have been driving my neighborhood and I also have others driving around the area to find vacant properties. 

-Most homes in my neighborhood are 3bd/1ba.

Mistily definitely take your money into another neighborhood and buy a 2-3 unit.

Class of neighborhood, population growth or decline locally, job growth or decline locally, amount of new construction, percentage if home ownership but having watched rents since the late 80s on my parents houses and having my own properties for a decade or so I haven't ever seen significant declines in rent I have seen rent stagnation and rent growth but never any real drops out side of a couple areas where neighborhoods declined greatly.

So I'm not sure if it fits into the picture in any way.  

I have a sfh rental in a neighborhood that is 90% rentals.