(After you deduct the down payment) it has a GRM of 67.575 and that's assuming you can easily get what the comparables get in the area for rent.  

I encourage you to engage someone who knows about land development matters before you assume it can be easily (or financially feasible) to subdivide property and get all your permits and entitlements.

If it's a short distance from road to house, easily accessible, no trees, etc., you should be able to get the job done for around $2,000.Hope this helps.

The best thing is to tenant proof your property, which means remove all the things they can easily break.

(since they'll both adjust every 5).What do I win?

When rates drop it's a WIN-WIN! 

So, if two offers are equally good, the owner occ will generally win.

When a major expense occurs, I can easily sell the security and have cash to pay for the expense. 

Board costs at colleges will EASILY get you above your FMR.  

If I can acquire it, she'll rent it for the mortgage price, and let me keep whatever profit I can squeeze out of the sale of her house, its a win-win for me because i'll have a no hassle tenant for the next few years, make so money from her sale, and until she decides to move, she's putting equity in my pocket.