If the market is slowing down, it might be better to hold and wait for a better time to sell.It's great that you're thinking ahead and considering all your options.

Or there are just so many vacation rentals in the market, it's hard to sift them out and see if there is anything different available.Thanks!

Opportunity to purchase from prior owner as is in run down condition How did you find this deal and how did you negotiate it?

As such, I need to expand my knowledge of buying lots generally, and would also love to talk to someone doing this in NWA. 

The calculators are free for seven days: https://www.biggerpockets.com/investment-calculatorsBiggerPockets is full of free resources and there are tens of thousands of experienced investors giving free advice to help you along your journey.

If not, don't worry about it.

Exactly how do you come up with such OTHER THAN it's your "feelings" of such?

And if there is a smart way to approach this, I would like to know about it.

From what I’m seeing in this market (Hoboken, Essex and Bergen county), it’s really hard to break-even or turn a profit.

If you’re looking to invest close to home, it helps to network with as many local investors as you can.