This is not a bad deal you've outlined, but not a good one either.Most seasoned investors look for properties that they can either:1) Get below market price2) Get seller financing3) Can somehow "reposition" via cost-effective improvements for higher rents, or adding a unitWith the market cooling off, you should find more and better deals.

When you understand these and other related items, then you can effectively formulate a strategy.

Most recently I am  assisting in the process of design and functionality for a new groundbreaking community in Atlanta, GA.We at Dreamstone have a different way of managing, by being effective and understanding the changes in the market.

Quote from @Josh Raikin: Most of us don't give advice on how to arbitrage because it's not a good idea from an investor's standpoint.If you read the forums, you'll find a plot of posts talking about the market slowing down.

The wholesalers that invest in their education, run a business and also invest in real estate are to the same effect if not better in my opinion,  as investor-friendly agents.

Always remember " the First step is the most important and the most effective as it will initiate the direction you have chosen."

"Pushing" is a one sided approach whereas really trying to understand what is important to the seller and then crafting a solution accordingly is a much more effective way of making an agreement.  

You could also find out if other people have done similar things by trying to find other projects that look the same (perhaps what you're wanting is modular homes on empty plots for STR). 

Do they have systems in place to operate effectively?

Has been very effective in my market.