This is a small project and should prove attractive to several banks if you are a qualified borrower.From a feasibility standpoint the first thing is to check with the city or county to determine what is required for all approvals including site plan and building permits, proffers, water/sewer tap fees, bonding requirements, inspections and CO process and time frame for all approvals.You mentioned utilities are in place but you need to need to check with the utility companies and get an idea of requirements to connect to the water, sewer, power, gas, cable, installation and connection requirements, tap fees, hookup charges, transformer location and relocation, power line and power pole relocation issues etc.Check to see if you have to install any manholes, fire hydrants, curb, gutter, sidewalks, street signs, street lighting any specific street design or access requirements,.Check DOT requirements for access, stop lights and permits, traffic studiesDWQ requirements for permits, permit fees, time framesThis is a broad overview of the process and your civil engineer can handle all of this but it's good for you to know exactly what's required.

They're not super attractive to sellers.  

I always look at area first and make sure that it will be something easy to attract tenants and be in demand. 

To me it’s a shame bc at the end of the day STRs are what attract the young, scrappy, business women and men who starting businesses and hemp and area thrive.

My friend bought a 70k condo here in Dallas and the CoC (cash on cash) returns were very attractive. 

With home values rising by an average of more than $16,000 in the first quarter of 2018 but affordability dropping as mortgage rates get higher, the personal-finance website WalletHub released its report on 2018's Best Real-Estate Markets.To determine the most attractive real-estate markets in the U.S., WalletHub compared 300 cities across 22 key metrics.

That is more attractive to the seller.

Fix the property for the kind of tenants you want to attract to live there.

Renters love new homes so it wouldnt be hard to attract or retain a renter.

At most you will only be out a little of your time, but not your wallet.