The important things to consider are finding a single family on a multifamily zoned lot, number of parking spaces, number unrelated parties allowed in that city/county, and overall lot size (for future development).  

Odds are good the lazy owner will never do an eviction, so that needs to come off the table.

If you buy in a location where prices and rents are increasing below the inflation rate, the amount of goods you can buy will decline over time.Population Size - Greater than 1 million.

The market rent for a house it’s size in the area is $1,100-$1,200 with the tenant paying all rents.

No idea what you paid for this place but it sounds like you're pulling at least 1% (1200x3 rent) guessing based on the size of the mortgage.

The water table is not too terribly deep there.

So the biggest challenge I see with this property is the lot size.

I want to take advantage of the money on the table.

Im not sure how a 53 unit complex would be depending on size but sounds big to me.  

When you say “Big” money deals, what size are you referring to?