I'm afraid if I sell these now I'm going to have a difficult time finding a comparable deal.

@Agyei Axum i have been renting by the room for the last 7 years. that is actually all that i do. i would strongly suggest doing that in your case to boost cash flow in your expensive market. i would find comparables in order to price effectively.

There is a home built right next to it on a comparably sloped lot.

They dont do an appraisal but the do an in-the-house determination of the value of the house based on comparables, at no cost to me.Now, my current lender would only lend me the purchase price, then I have to refi in 6 months to recoup my rehab costs.Is this too good to be true to find a new lender give you purchase price and rehab expenses lended for 30 years at 5.5%? 

Make sure you compare services on what that 10-20% manager gives you and what a higher rate manager gives you.

The cost of rehab is just so high compared to the value of the houses.As @Thaddeus D. said it is a not a buyers market right now.

Lands can also be used for entertainment use are nice options too.Generaly land investments are bit risky compared to single family houses rentals or flips.

I think the rate would be higher so I to compare ROI on 5% capital returned vs additional interest charges.

This is a different economic landscape that the federal reserve is dealing with compared to the 80's.

This property still cash-flows but definitely under performs (due to flood insurance in my opinion) compared to the others.