This is a small project and should prove attractive to several banks if you are a qualified borrower.From a feasibility standpoint the first thing is to check with the city or county to determine what is required for all approvals including site plan and building permits, proffers, water/sewer tap fees, bonding requirements, inspections and CO process and time frame for all approvals.You mentioned utilities are in place but you need to need to check with the utility companies and get an idea of requirements to connect to the water, sewer, power, gas, cable, installation and connection requirements, tap fees, hookup charges, transformer location and relocation, power line and power pole relocation issues etc.Check to see if you have to install any manholes, fire hydrants, curb, gutter, sidewalks, street signs, street lighting any specific street design or access requirements,.Check DOT requirements for access, stop lights and permits, traffic studiesDWQ requirements for permits, permit fees, time framesThis is a broad overview of the process and your civil engineer can handle all of this but it's good for you to know exactly what's required.

I would not do that in many other places not even here south of Seattle-if Amazon or Boeing were to cave it is lights out.I owned rental property for 30 years just South of San Francisco.

No security, no cameras, no lights, just a pad lock on the gate. 

@Nicole Villar your expenses seem light. $600 per year for taxes on $300k property.

Would need some light rehab after these tenants but fairly good condition with central air.

And it does sound like a lot of work for the plumbing.You get a carpet company to give you quotes to do the carpet.Get a handyman to do the minor stuff like hanging a light fixture or fixing the walls and doing paint.

Buy a newer duplex or 4-plex and do some light reno.

I'm just wondering if there are any local investors that could shed some light on this/offer me some advice? 

BRAND NEW HVAC, water heater, recess lighting.

I’ve done deals where I don’t have Deposit money after closing to put with the utility co to turn on the lights....but i figured it out.