Someone has done something similar to what I want to do - building new mixed into an existing neighborhood - with five homes all side-by-side that average over $100,000 more than the existing homes in that area.Some of my questions are:Is there reason to be concerned that existing homes in the neighborhood have low values because of their age and condition, keeping in mind I want to build 9 or 10 and raise the level of the neighborhood?

Rent is 1300/month which is a little low for the market.My current loan has 19 years left in term, Montly P/I payment = $860.83, rate 4.85% annual adj.

I am glad because of the LLC added protection, low monthly mortage because I put 25% down(which i found private money on).

That is how you can end up going from $650 to $2k.The maps for NOLA and the area were recently updated to reflect all the Post Katrina improvements, so right now, the rates are really about as low as they ever have been. 

However, rents are low in my area, and wouldn't cover my current mortgage.

Construction Loans:HELOC's are great for their low interest rate.

A comparable park I analyzed last week has a similar well/septic combo had an actual septic expense of $1,200 (this is low). 

The low down VA loan is a way to enter the high priced San Diego RE market without a lot of money.I am neither a veteran or a mortgage broker but believe the following to be a good path for those who have a VA loan option:The VA loan is for owner occupied purchases but can be used to purchase up to a quad (up to a 4 unit property).I recommend new investors start with a detached duplex. 

Some basic, low cost landlord self study will help you sleep soundly and get a check in the mail (or in your account electronically) every month....Even the classic Landlording by Leigh Robinson is in most libraries (free) or used bookstores for a couple of bucks.Best of luck!

Some may think those are low standards though :D