While comparing investment opportunities an investor needs to assess risks associated and then expect a commensurate return.

Probably not, you'd likely be able to earn a better return on that money elsewhere.

If you have lower return targets than I do, then perhaps there are lots of properties that generates ok returns. 

Making approx 15% /year return. 

@Anthony Wright I would agree with David that a SFR rental on a vacant lot will not give you a great return on your investment.

Made the room look better and returned closet functionality back to the hallway.Removed walls to open up the living room, dining room and entry way.Added pantry to kitchen in order to add more functionality and make the room more square shaped. 

I would post an add on BP on what your looking for as there are a lot of note investors who sell one-off notes to investors that typically have higher returns than FCI notes especially on the performing side.

Even though it is farther than I originally desired, the uptick in income would allow me to hire a PM and still have a greater return. 

Good return & benefit of personal use as well.

That way you can make a quick trip to the property whenever needed and spend no more than 4-5 hours traveling back and forth on a single day.For Bay Area Investors, that basically leaves you with Sacramento and Stockton for driving distance (there are other options, but that's where you'll generally see the best returns) and either Las Vegas or Phoenix Metro for flying (less than 2 hours).Wherever you decide to invest, here's the two main things you're going to need:1) Knowledge of the Market: Just google "(name of area) real estate" and read every single news article on it from the last 3 years.