The neighborhood is quiet and charming and I assume the investor wanting to buy the vacant lot will most likely either hold for a while or build on it soon.

Not factoring in the fact that I already purchased the current house and lot for more than I should have.I’m looking at modular homes which are supposed to hold their value.

I recommend talking with a hard money lender to see what you can qualify for and be able to use those number for your holding costs.

Investment Info:Single-family residence buy & hold investment.

It's of UBER importance to know what kind of an investor YOU are, what expectations YOU hold, to define your capabilities and short comings in actionability.

Think about buying and holding, wholesaling, or fix-and-flip strategies.

In California you can hold a loan originator endorsement under the DRE.

- You should switch to a monthly cleaning, fixed in the rental price; this does a couple of things, keeps your place cleaned on a regular basis, sets expectations for tenants but you need specifcy in the lease they still need to maintain the space in a clean matter, and lastly you build a relationship with your cleaners to keep on eye on the space so you are aware of the overall condition. 

I am planning to hold the property for next 10 years and I am looking for future appreciation and future low mortgage rate to earn money on this.

Though, this process will be the same for the other state (if you created a CA LLC you may need to register it as a foreign LLC in the state in which you are doing business/holding property).