You can get big coffee mugs for $3.99 typically. 

Understand if there are other nearby buildings with similar vintage (age) and amenities that charge higher rents – this will be a good indication that it’s possible to increase rents. - How many units does the syndicator plan to complete every year?

I’d love to connect and grab a coffee sometime.

A nearby lot suggests the land could be used for a multifamily home for student housing, but based on the area (and due to the nature of students) it seems that each rental unit would not go for much money, and even if it did cashflow, I have seen videos of landlords (and know from experience) that housing students can be destructive and costly.But, if I could figure out a purpose for this land which would net the owner a profit over the long run and gain enough knowledge to sell the idea, I would buy the lot with the purpose of flipping it to a developer who is more interested in long-term gains.

There’s no need for me to get a PM since I know the property, live nearby and I know handymen that can fix things if I give them a call.

You can invite them for a lunch or coffee, see how it goes. 

I saw new businesses a coffee & pastry cafe, a bridal bar, and a Environmental Learning Center.

I’m also considering non-alcoholic options, like running it as a coffee shop, or some other commercial endeavor.

Can you look at a nearby town where rents are similar, but house prices are a bit lower? 

The cost of living in Jacksonville is very cheap (assuming that does affect the amount of return you can make) in majority of the area but there is a lot of area to invest in because the city is so big and there are nearby cities with a slightly higher cost of living like St John's and Fleming Island.