I have never heard of a self-storage facility that small.And ok, you could build more but if you really want to be a self-storage developer, why not look at just buying some land to build.I'm going out on a limb here because I'm not more familiar with your area than looking at it on Google Maps, but I would venture to say there's some cheap land for sale there.Also, again I'm not an expert but I have heard there are a few key metrics to look at for self-storage purchase or development.

You can’t “lose” contact.

It sounds like you'll lose some value based on the speculative nature of the properties that can be converted to single family homes.

That can’t be undone and is emotional for many people as they age.Also from a financial standpoint this property will not cash flow so you will lose money if problems arise with the property such as needing a new roof, plumbing problems, etc.

Kids are noisy and smelly but not when the tenants are there :)I specifically like daycare because of a few factors. 1) It is internet resistant - you can't put your kid on the internet so you won't lose tenants to that in the same way you could lose a retail or office tenant to the internet. 2) It's always a need that will be there 3) A lot of times these days daycares are supported in some way with government funding.One thing to pay careful attention to, as mentioned above, is the lease.

Act like you don't care if you lose it and hold the sellers feet to the fire if anything goes sideways.

If a tenant reports something wrong with the unit, you need that fixed immediately (depending on the severity) and you may lose business from any delays in repair.

Looks like I'll pick up the Joint Venture book as that's what I intend to do for most of my properties.  

Pros - Higher rents than renting to a family, I can pop in anytime to check on the place, if one guy moves out, I don't lose the whole rent, no wear and tear from kids or pets.Cons - Higher turnover (I usually do month to month which also has higher rent), potential for parties (but I screen very carefully so this has not been an issue at all), parking, roommate drama (rare with professionals).Just another option to consider.I'm a mortgage lender myself and I wish we had a 90% product like that MACU loan!

My team and I are moving on a deal in southern CT right now, after losing the Nashua property.