The fact that you are local: ideal for developing the deal-flow and being available for emergencies.I would encourage you to groom some extra help on the self-managing side.

Although the “Victoria Park” duplex had re-development potential (townhouse) because of the large yard, excluding that, since I don’t want to get into new home building, doesn’t the condo seem like a much better deal for return on investment?

I am developing an ADU concept for Qwerky (see my bio for link) and I could help you.

I've been down that path, as I had to liquidate my account to stay afloat on my first development, and I can tell the hit was big and not fun.

All else aside, given the amount of rent you could be charging it may be an idea to sit down and develop a long-term (2-4 year) budgetary plan for the unit/complex so that you can 1)gradually increase rents to a more uniform standard--as one member stated, "if they are all comparable units, there shouldn't be a drastic difference in the rent amounts" 2)eventually get all the units with equivalent or comparable upgrades (to keep things even with the neighborhood comps based on ammenities), and 3)ease your mind about the financial plan and trajectory of your complex (so you can just follow a predetermined plan and adjust when needed as time progresses).

My strong advice is to start attending some local real estate clubs to begin building these relationships and developing your resources.

Or an investor, developer, manager?

We couldn't let a piece like this go to be developed into 40 acre home sites.

We couldn't let a piece like this go to be developed into 40 acre home sites.

Of course, you have to get good at marketing for notes and/or developing your own referral sources.