We have a clause in the original contract saying that if they cannot get caught up on payment by the end of the 6th month, the lease agreement will be terminated.

But, simply the end of the contract term doesn't mean the tenant will be moving.

But, in future if we want to develop any residential or commercial buildings on this land, would this rail road track going to be a deal breaker in terms of attracting potential developers or buyers or investors? 

Things you want to consider would be what your long-term plans are with this property.

.- You won't extend the term back to 30 years (which is definitely part of your monthly projected savings). 

We bought ourselves a furnished house with a giant pool, and also opened up a Short Term Rental.  

Brand new roof and each unit is good in terms of renovations. water heater from 2017. only concern is HVAC system is 14yr old, that’s the only potential cost that i see that could occur within the next 3-7yr.

Now, for long term rents I did not/would not pick it if the home is in Shaker Heights.

Please include:When and how is rent to be paidWhen and how are utilities going to be paid (if any)When and how is the cleaning going to be (if shared or provided)What are the costs associated with damages / breaking stuff / calling a technicianWhat are the costs of breaking the lease, finding a replacement if you are doing short term leases on the roomsIf they lost their keys or check bounces what is the charge for it, how the cleaning of the common areas is going to work, and enforcing quiet hours.

Originally posted by @Robert Tinker:@Jess McLaughlin I'd like to follow up with you as you progress on your deal.