Depending on other factors in your life, you may also be subject to Self Employment tax on this.

If you play the speculative game (as we do as well with flips) then market conditions are more of a factor.

As long as it still cash flows for you with some reserves factored in for vacancies, repairs, etc.

What factors come in to play first!

That said, a lot of market the B and Cs are priced very high too so potentially rising cap rates and slowing rent increases have to be factored into for any exit strategies.

Then you will want to apply a cap rate to find the value ( will vary by market and slew of other factors) . 50 lots x300 lot rent x12 months = 180,000 Gross revenue less 30 % expense of $54,000 ( tenants pay their own rent here

Or do you somehow factor in condition of nearby properties, distance to schools and shopping, nearby parks, area crime, rating of nearby schools? 

When it comes to turnkey, the people you work with are the most important factor - even before market - because they will make or break your investment.

I would even go so far as to say that if you happen upon an absolutely smokin' deal that would be perfect in every way as a rental except for the fact that it has a pool, I would factor in the expense to fill in the pool and only then if the numbers still made sense would I proceed with it as a rental, either that or keep the pool and flip it.

Lots of factors, any family or friends to help in emergencies,, how flexible is your current job if you had someone you needed to meet can you leave work for hour or 3.. with short notice...some issues can wait others can't, usually things go well but be prepared for the unexpected.