Can someone tell me if it's a decent deal?

((Best)) way I can think of is have some money to invest and partner with a more experienced developer who is doing what you want to do.Come in as a Jr. type partner in the deal, and work full time at it--learning.By Jr. type partner I mean you are not calling the shots, but are in on all meetings and all aspects of the project.After a few deals maybe you want to go it on your own, or maybe just keep on partnering....A good partnership is a definite strength--but it depends on the person.I would say that is the (BEST) way to learn a particular development type.If you lack meaningful money try befriending a few developers and just talk shop as well as friendship things, and see what turns up.But to be a developer you will need to have a good sized chunk of change to risk (possibly losing) to do a deal.Good Luck!

I should net a decent amount for the house.

I make a decent income at my job and we envision my wife transitioning into REI full time over the next few years to get REPS and using the income from my job for most of our down payments.

It just makes the market entry (into deals that have a shot at appreciation )more expensive for cashflow investors.

Clarksville and Columbia are two cities each within an hour of Nashville where the rental returns are still decent. 

A regular rental is tough to cash flow in Fresno or Clovis especially if you want something decent quality but I'd think that's where investors can get creative with the investing strategies like short term rental, house hack and more.

In addition, you need decent reserves in case anything arises with this property.

I don't have your contract in front of me, but a decent attorney / agent should be able to get you out of that no problem, its not the same property it was when you went under contract.

I don't know any of the markets you describe all that well (I know Davis pretty well and, much lesser so Santa Rosa) but if you have general questions I am happy to take a shot answering them.